Results 1 to 10 of about 179,903 (308)
Risk Aversion Under Preference Uncertainty [PDF]
SSRN Electronic Journal, 2010 We show that if an agent is uncertain about the precise form of his utility function, his actual relative risk aversion may depend on wealth even if he knows his utility function lies in the class of constant relative risk aversion (CRRA) utility functions. We illustrate the consequences of this result for optimal asset allocation: poor agents that are
Kräussl, Roman +2 more
openaire +9 more sources
Handling uncertainty in cost-effectiveness analysis in dental medicine: a systematic review with a focus on affordability and risk-aversion [PDF]
Cost Effectiveness and Resource AllocationBackground The number of published cost-effectiveness analyses in dental medicine has substantially increased in recent years. A key methodological issue in these analyses is how to address uncertainty in costs and effects, which also impacts uncertainty
Pedram Sendi +2 more
doaj +2 more sources
RISK AVERSION, UNCERTAINTY AVERSION, AND VARIATION AVERSION IN APPLIED COMMODITY PRICE ANALYSIS [PDF]
, 2002 Standard models of hedging behavior assume that either hedgers wish to minimize net price variation or they wish to balance variation versus profits. These models treat variation as risk and fail to distinguish between variation that is random and variation that is not random over time.
Frechette, Darren L., Wen, Fang-I
core +4 more sources
Risk Aversion, Price Uncertainty, and Irreversible Investments [PDF]
SSRN Electronic Journal, 2003 This paper generalizes the theory of irreversible investment under uncertainty by allowing for risk averse investors in the absence of com-plete markets.Until now this theory has only been developed in the cases of risk neutrality, or risk aversion in combination with complete markets.Within a general setting, we prove the existence of a unique ...
Goorbergh, R.W.J. van den +2 more
openaire +6 more sources
Comparing descriptive and theoretical models of decision-making under uncertainty and their relation to socioeconomic factors. [PDF]
PLoS ONEThis study examines the selection and validation of measurement models for decision-making under uncertainty, with particular emphasis on the integration of socioeconomic contexts in these models. We critically compared four distinct models, differing in
Brendan Lam +3 more
doaj +2 more sources
Uncertainty aversion, robust control and asset holdings [PDF]
Quantitative Finance, 2004 Optimal portfolio rules are derived under uncertainty aversion by formulating the portfolio choice problem as a robust control problem, with ambiguity aversion with respect to the joint distribution of assets and the distribution of each risky asset. Robust portfolio rules indicate that the total holdings of risky assets as a proportion of the investor’
Anastasios Xepapadeas, Giannis Vardas
openaire +5 more sources
Preference for playing order in games with and without replacement: Motivational biases and probability misestimations [PDF]
Judgment and Decision Making, 2022 This research explores the preference for playing order in games in which each of several players draws a random event (e.g., a ball from an urn), with and without replacement after each draw.
Kwanho Suk, Jieun Koo
doaj +2 more sources
Expected utility for probabilistic prospects and the common ratio property [PDF]
Yugoslav Journal of Operations Research, 2023 We prove the existence of an expected utility function for preferences over probabilistic prospects satisfying Strict Monotonicity, Indifference, the Common Ratio Property, Substitution and Reducibility of Extreme Prospects.
Lahiri Somdeb
doaj +1 more source
Journal of Medical Internet Research, 2021 BackgroundCommunicating scientific uncertainty about public health threats such as COVID-19 is an ethically desirable task endorsed by expert guidelines on crisis communication. However, the communication of scientific uncertainty is challenging because
Han, Paul K J +7 more
doaj +1 more source
Novelty and uncertainty differentially drive exploration across development
eLife, 2023 Across the lifespan, individuals frequently choose between exploiting known rewarding options or exploring unknown alternatives. A large body of work has suggested that children may explore more than adults.
Kate Nussenbaum +10 more
doaj +1 more source