Showing 1 - 10 of 12
We show that if an agent is uncertain about the precise form of his utility function, his actual relative risk aversion may depend on wealth even if he knows his utility function lies in the class of constant relative risk aversion (CRRA) utility functions. We illustrate the consequences of this...
Persistent link: https://www.econbiz.de/10011256400
We show that if an agent is uncertain about the precise form of his utility function, his actual relative risk aversion may depend on wealth even if he knows his utility function lies in the class of constant relative risk aversion (CRRA) utility functions. We illustrate the consequences of this...
Persistent link: https://www.econbiz.de/10008752910
> This paper is concerned with the role of committees in collective decision-makingprocesses in a world where agents must be … motivated to collect information. Committees improvethe quality of decision-making by providing information and by coordinating … preferences of the committeemembers should be aligned to those of the decision maker. Members with similar preferences asthe …
Persistent link: https://www.econbiz.de/10011242149
This study analyses the relation between perceived health status and intertemporal choice. We use data from experiments with real monetary rewards conduEted among students in South Africa to estimate risk and time preferences. These experimental data, based on muitiple price lists developed by...
Persistent link: https://www.econbiz.de/10011255821
> This paper is concerned with the role of committees in collective decision-makingprocesses in a world where agents must be … motivated to collect information. Committees improvethe quality of decision-making by providing information and by coordinating … preferences of the committeemembers should be aligned to those of the decision maker. Members with similar preferences asthe …
Persistent link: https://www.econbiz.de/10011256626
This discussion paper resulted in a publication in the 'Review of Network Economics' (forthcoming).<P> Agents involved in the formation of a social or economic network typically face uncertainty about the benefits of creating a link. However, the interplay of such uncertainty and risk attitudes has...</p>
Persistent link: https://www.econbiz.de/10011256629
This study analyses the relation between perceived health status and intertemporal choice. We use data from experiments with real monetary rewards conduEted among students in South Africa to estimate risk and time preferences. These experimental data, based on muitiple price lists developed by...
Persistent link: https://www.econbiz.de/10005137299
This paper is concerned with the role of committees in collective decision-making processes in a world where agents … must be motivated to collect information. Committees improve the quality of decision-making by providing information and by … affect final decisions? Second, what is the optimal composition of a committee from the decision maker's point of view? As to …
Persistent link: https://www.econbiz.de/10005144571
For more than three decades, empirical analysis of stochastic dominance was restricted to settings with mutually exclusive choice alternatives. In recent years, a number of methods for testing efficiency of diversified portfolios have emerged, which can be classified into three main categories:...
Persistent link: https://www.econbiz.de/10011255464
This paper points out the importance of Stochastic Dominance (SD) efficient sets being convex. We reviewclassic convexity and efficient set characterization results on SD efficiency of a given portfolio relative to adiversified set of assets and generalize them in the following aspects. First,...
Persistent link: https://www.econbiz.de/10011256268