The purposes of this paper are two-fold. On the one hand, we shall provide a decision analysis justification for the Value at Risk (VaR) approach based on ex-post, disappointment decision making arguments. We shall show that the approach is justified by a disappointment criterion. In other...

Risk is shown to be based on both theory and practice. It is shown to be conceptual and technical, blending behavioral psychology, financial economics and decision making under uncertainty into a coherent whole that justify the selection of risky choices. Its applications are also broadly...

This paper considers a pollution and control game which uses a queuing framework. This framework allows an accounting of pollution events, environmental pollution quality and the application of controls to maintain a desirable quality of the environment. A number of examples are used to...

This paper analyzes how faculty members dynamically allocate their efforts between improving their research and teaching skills, taking into account the organizational structures and incentives implemented by academic institutions. The model builds on the assumption that organizational...