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  • Search: subject:"sequential: learning and risk taking"
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decision analysis 1 philosophy of modeling: small world and grand world 1 sequential: learning and risk taking 1 theory: derived utility 1 utility/preference 1
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McCardle, Kevin F. 1 Winkler, Robert L. 1
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Management Science 1
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Repeated Gambles, Learning, and Risk Aversion
McCardle, Kevin F.; Winkler, Robert L. - In: Management Science 38 (1992) 6, pp. 807-818
We analyze a decision problem with repeated gambles and find that under some seemingly reasonable risk-averse utility functions, recommended behavior for the initial decision can be highly risk-taking and counterintuitive. Further analysis reveals that the derived utility function for the return...
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