Experiments in decision-making under Risk - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Experiments in decision-making under Risk write by Michał Wiktor Krawczyk. This book was released on 2009. Experiments in decision-making under Risk available in PDF, EPUB and Kindle.
Experiments on Decision-making Under Risk
Experiments on Decision-making Under Risk - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Experiments on Decision-making Under Risk write by Wenting Zhou. This book was released on 2015. Experiments on Decision-making Under Risk available in PDF, EPUB and Kindle.
Experiments on Decisions under Risk: The Expected Utility Hypothesis
Experiments on Decisions under Risk: The Expected Utility Hypothesis - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Experiments on Decisions under Risk: The Expected Utility Hypothesis write by P.J.H. Schoemaker. This book was released on 2013-11-11. Experiments on Decisions under Risk: The Expected Utility Hypothesis available in PDF, EPUB and Kindle. In this valuable book, Paul Schoemaker summarizes recent experimental and field research that he and others have undertaken regarding the descrip tive validity of expected utility theory as a model of choice under uncer tainty. His principal message is that this paradigm is too narrow in its con ception and misses some of the important elements of a descriptive model of individual choice. In particular, Schoemaker calls attention to the impor tance of individual differences, task effects, and context effects as they influence behavior. The expected utility hypothesis has come under scrutiny in recent years from a number of different quarters. This book brings together these many studies and relates them to the large body of literature on individual de cision making under risk. Although this paradigm may be appropriate for describing behavior under many conditions of uncertainty, Schoemaker presents convincing evidence that it does not do well with respect to protec tion against low-probability events. For example, he shows that the insur ance purchase decision is influenced by the way information is presented to the client, as well as by the statistical knowledge of the respondents.
Three Experiments on Decision-making Under Uncertainty in Dynamic Environments
Three Experiments on Decision-making Under Uncertainty in Dynamic Environments - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Three Experiments on Decision-making Under Uncertainty in Dynamic Environments write by Yaroslav Rosokha. This book was released on 2013. Three Experiments on Decision-making Under Uncertainty in Dynamic Environments available in PDF, EPUB and Kindle. This dissertation consists of three economic experiments that investigate behavioral differences in decision making process under risk (uncertainty with known probabilities) and under ambiguity (uncertainty with unknown probabilities). The first and the second chapters present two experiments with subjects choosing between lotteries involving risky and ambiguous urns. Decisions are made in conjunction with a sequence of random draws with replacement, allowing us to track the beliefs of the agents at different moments in time. In the first chapter, we develop and estimate a model of subjective belief updating allowing for base rate fallacy. We find that when updating under ambiguity subjects significantly underweight the new signal, while when updating under compound risk subjects are essentially Bayesian. In the second chapter, we estimate a popular multiple priors model for decision making under ambiguity in dynamic environments. Our estimates suggest a difference in the confidence with which subjects discard the unlikely priors depending on whether an ambiguous urn was presented first or second. Specifically, when an ambiguous urn is presented first, subjects consider more priors during the learning process as compared to when a compound urn is presented first. We also find significant evidence against the hypothesis that human subjects consider only Dirac priors. In the third chapter, we examine the behavior of security dealers in an environment where the level of asymmetric information is viewed as either risk, compound risk, or ambiguity. Using two measures of market liquidity, resiliency and price, we find that duopoly dealer markets are both more resilient to uncertainty about asymmetric information as well as having higher dealer bids compared with monopoly dealer markets for all three uncertainty scenarios. Additionally, we find differences in dealer bidding behavior in duopoly setting depending on whether the uncertainty about informed trading is presented as risk, compound risk, or ambiguity.
Advances in Decision Making Under Risk and Uncertainty
Advances in Decision Making Under Risk and Uncertainty - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Advances in Decision Making Under Risk and Uncertainty write by Mohammed Abdellaoui. This book was released on 2008-08-29. Advances in Decision Making Under Risk and Uncertainty available in PDF, EPUB and Kindle. Whether we like it or not we all feel that the world is uncertain. From choosing a new technology to selecting a job, we rarely know in advance what outcome will result from our decisions. Unfortunately, the standard theory of choice under uncertainty developed in the early forties and fifties turns out to be too rigid to take many tricky issues of choice under uncertainty into account. The good news is that we have now moved away from the early descriptively inadequate modeling of behavior. This book brings the reader into contact with the accomplished progress in individual decision making through the most recent contributions to uncertainty modeling and behavioral decision making. It also introduces the reader into the many subtle issues to be resolved for rational choice under uncertainty.
