Define the riskiness of a gamble as the reciprocal of the absolute risk aversion (ARA) of an individual with constant … “duality” axiom which, roughly speaking, asserts that less risk-averse individuals accept riskier gambles. The index is …

In the expected-utility theory of the monetary value of a statistical life, the so-called "dead-anyway" effect … risk increases with the initial level of risk. Their reasoning is based on differences in the marginal utility of wealth …: first, for a risk-averse individual without a bequest motive, marginal WTP for survival does increase with the level of risk …

Weitzman-type stochasticity. We show that, under expected power utility, the model is fragile to heavy-tailed distributional … assumptions and we derive necessary and sufficient conditions on the utility function to avoid fragility. We solve our stochastic … economy-climate model for two cases with compatible pairs of utility functions and heavy-tailed distributional assumptions. We …

One possible conclusion from recent experimental research on decision making under risk is that observed behaviour can … be reasonable accommodated by expected utility plus an error term. This conclusion implies that the violation rate of … expected utility should decrease if errors are excluded. The present paper presents an experiment which investigates this …

Experimental research on decision making under risk has until now always employed choice data in order to evaluate the … empirical performance of expected utility and the alternative nonexpected utility theories. The present paper performs a similar …

estimate of risk aversion ? and the time preference discount rate ? perindividual. This can be done because the consumption of …

Experimental research on decision making under risk has until now always employed choice data in order to evaluate the … empirical performance of expected utility and the alternative nonexpected utility theories. The present paper performs a similar …Diese Arbeit erweitert frühere Umfragen über den Nutzen der Technischen Analyse um die Flow Analyse als dritte Form der …

This paper derives a representation of preferences for a choice theory with vague environments; vague in the sense that … of these lotteries for each state. Thus, this paper's main departure from the standard subjective expected utility model … utility models and the behavior implied by the multiple priors models. …

-dimensional decision outcomes, economic theory assumes a uni-dimensional utility measure. This paper reviews evidence from behavioral and … makers' difficulties can be explained once the motivational aspects of utility (wanting) are disentangled from the …

Expected Utility theory is not only applied to individual choices but also to ethical decisions, e.g. in cost … EU theory is able to deal with 'catastrophic risks', i.e. risks of high, but very unlikely losses, in an ethically … appealing way. In this paper we show that this is not the case. Rather, if in the framework of EU theory a plausible level of …