important. We argue here that Hampel’s classical notion of qualitative robustness is not suitable for risk measurement, and we …When estimating the risk of a P&L from historical data or Monte Carlo simulation, the robustness of the estimate is … propose and analyze a refined notion of robustness that applies to tail-dependent law-invariant convex risk measures on Orlicz …

The most distinctive prediction of prospect theory is the fourfold pattern (FFP) of risk attitudes. People are said to … be (1) risk-seeking over low-probability gains, (2) risk-averse over low-probability losses, (3) risk-averse over high …-probability gains, and (4) risk-seeking over high-probability losses. Using simple gambles over real payoffs, we conduct a direct test …

effects upon the consumption decision showing that the economic agent does not have a rational behavior and is not risk averse … with is underlyined the fact that for moderate risk people buy insurance with premiums that exceed the expected loss …

uncertainty. J. Risk and Uncertainty 5 297--323.) and Prelec (Prelec, Dra\v{z}en. 1995. The probability weighting function …

(i) judgments of probability, which are assumed to satisfy support theory; and (ii) decisions under risk, which are …

the theory. They also explore risk perception under the influence of decision framing. Risk propensity too is explored as …