Search Results - subject:"Utility theory"

Consistent modeling of risk averse behavior with spectral risk measures

Wächter, Hans Peter; Mazzoni, Thomas - In: European Journal of Operational Research 229 (2013) 2, pp. 487-495

This paper clarifies the relation between decisions of a risk-averse decision maker, based on expected utility theory …

Persistent link: https://www.econbiz.de/10011052503

A MAUT APPROACH FOR REUSING DOMAIN ONTOLOGIES ON THE BASIS OF THE NeOn METHODOLOGY

JIMÉNEZ, A.; SUÁREZ-FIGUEROA, M. C.; MATEOS, A.; … - In: International Journal of Information Technology & … 12 (2013) 05, pp. 945-968

multi-attribute utility theory (MAUT) approach to deal with the selection of the best domain ontologies for reuse, stressing …

Persistent link: https://www.econbiz.de/10011011044

Prospect theory and utility theory: Temporary versus permanent attitude toward risk

Levy, Haim; Wiener, Zvi - In: Journal of Economics and Business 68 (2013) C, pp. 1-23

Prospect theory (PT), which relies on subjects’ behavior as observed in laboratory experiments, contradicts the behavior predicted by the Expected Utility (EU) paradigm. Having wealth of $100,000 or having wealth of $90,000 and winning $10,000 in a lottery is the same by EU paradigm but not...

Persistent link: https://www.econbiz.de/10010679309

Expected utility theory from the frequentist perspective

Hu, Tai-Wei - In: Economic Theory 53 (2013) 1, pp. 9-25

von Neumann–Morgenstern (vN–M) expected utility theory. Limit relative frequencies correspond to probability values in …

Persistent link: https://www.econbiz.de/10010680578

A global index of riskiness

Schnytzer, Adi; Westreich, Sara - In: Economics Letters 118 (2013) 3, pp. 493-496

negative expectations. It can be of use for a variety of abstract behaviors, when adapting the framework of either Expected-Utility … Theory or Prospect Theory. …

Persistent link: https://www.econbiz.de/10010688077

Were Jevons, Menger, and Walras Really Cardinalists? On the Notion of Measurement in Utility Theory, Psychology, Mathematics, and Other Disciplines, 1870-1910

Moscati, Ivan - In: History of Political Economy 45 (2013) 3, pp. 373-414

accurate history of utility theory, and that a third form of utility consistent with the so-called classical understanding of … relation to utility theory. The review illustrates that in the years 1870-1910, the period in which Jevons, Menger, and Walras … were active, the classical understanding of measurement dominated not only utility theory but also all other disciplines …

Persistent link: https://www.econbiz.de/10010693420

The reverse Allais paradox

Blavatskyy, Pavlo R. - In: Economics Letters 119 (2013) 1, pp. 60-64

The results of a new experiment show that the Allais paradox (or, more generally, the common consequence effect) gets reversed, i.e. fanning-in choice patterns significantly outnumber fanning-out choice patterns. Revealed indifference curves fan in along the horizontal axis and hypotenuse of the...

Persistent link: https://www.econbiz.de/10010662392

Best portfolio insurance for long-term investment strategies in realistic conditions

Pézier, Jacques; Scheller, Johanna - In: Insurance: Mathematics and Economics 52 (2013) 2, pp. 263-274

Constant proportion portfolio insurance (CPPI) strategies implemented in continuous time on asset prices following geometric Brownian processes are expected utility maximising for investors with HARA utilities. But, in reality, these strategies are implemented in discrete time and asset prices...

Persistent link: https://www.econbiz.de/10010662447

Which decision theory?

Blavatskyy, Pavlo - In: Economics Letters 120 (2013) 1, pp. 40-44

that a simple heuristic, rank-dependent utility and expected utility theory provide the best goodness of fit. …

Persistent link: https://www.econbiz.de/10010665677

Aggregation of utility-based individual preferences for group decision-making

Huang, Yeu-Shiang; Chang, Wei-Chen; Li, Wei-Hao; Lin, … - In: European Journal of Operational Research 229 (2013) 2, pp. 462-469

Multi-attribute utility theory (MAUT) elicits an individual decision maker’s preferences for single attributes and …

Persistent link: https://www.econbiz.de/10010666114