If the elements of the choice set in a decision model involving randomness are not arbitrary, but restricted appropriately, an expected utility ordering of them can be represented by a mean standard deviation ranking function. These restrictions can apply to the form of, or can specify...

If the elements of the choice set in a decision model involving randomness are not arbitrary, but restricted appropriately, an expected utility ordering of them can be represented by a mean standard deviation ranking function. These restrictions can apply to the form of, or can specify...

This collection offers an economics-based overview of the various facets of risk. It contains six papers that examine a broad array of research relating to risk. Two papers examine risk management and its application to decision making as well as what researchers have learned over the past few...

In the project "Automatic internal ands surface flaw detection and classification in high-alloy strips" BFI developed a new testing process for the internal and surface flaw detection on austenitic strips which worked by using electromagnetic transformers (EMAT) and guided waves. This new...

The application and estimation of expected utility based decision models would benefit from having additional simple and flexible functional forms to represent risk preferences. The literature so far has provided these functional forms for the utility function itself. This work shows that...

A recent paper by Hardaker et al. (The Australian Journal of Agricultural and Resource Economics, 48, 2004a, 253) and book by Hardaker et al. (Coping with Risk in Agriculture, 2004b) describe a procedure for determining an efficient set from among a set of random alternatives. This procedure,...