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Takayama, Akira - 1994 - 1. publ.

Persistent link: https://www.econbiz.de/10011351342

Consumer choice under certainty and uncertainty in applied econometrics

Stigum, Bernt P. - 2021

The paper lists salient characteristics of the certainty theory of consumer choice and discusses the import of … prominent empirical analyses of the theory. All of them reject the theory's empirical relevance which suggests that the theory … is unfit to analyze consumer choice in an uncertain world. The paper presents an extension of the certainty theory to a …

Persistent link: https://www.econbiz.de/10012661252

Non-standard errors

Bosch-Rosa, Ciril; Kassner, Bernhard - 2023

In statistics, samples are drawn from a population in a data-generating process (DGP). Standard errors measure the uncertainty in estimates of population parameters. In science, evidence is generated to test hypotheses in an evidence-generating process (EGP). We claim that EGP variation across...

Persistent link: https://www.econbiz.de/10014478337

Modeling and measuring economic reality : reply to the reviews

Nell, Edward J.; Errouaki, Karim - In: Review of political economy 28 (2016) 3, pp. 448-463

Persistent link: https://www.econbiz.de/10011526389

Indeterminate Probabilities and Smithian and Keynesian Uncertainty

Brady, Michael Emmett - 2014

Smith, Keynes, and Knight, in that order, made seminal contributions to decision making which emphasized uncertainty and indeterminate probabilities, as opposed to mere imprecision. De Finetti’s views on uncertainty are diametrically opposed to those of Smith, Keynes, and Knight once the clear...

Persistent link: https://www.econbiz.de/10014142839

Adam Smith on Uncertainty, Degrees of Uncertainty and Public Policy Impacts

Brady, Michael Emmett - 2014

mathematically by intervals; (c) that uncertainty came in degrees or gradations; (d) that the mathematical theory of probability …

Persistent link: https://www.econbiz.de/10014143394

Knightian uncertainty and stock-price movements : why the REH present-value model failed empirically

Frydman, Roman; Goldberg, Michael D.; Mangee, Nicholas - 2015

Macroeconomic models that are based on either the rational expectations hypothesis (REH) or behavioral considerations share a core premise: All future market outcomes can be characterized ex ante with a single overarching probability distribution. This paper assesses the empirical relevance of...

Persistent link: https://www.econbiz.de/10011309720

Rethinking of Coase Theorem : Externalities and Uncertainty

Kuzmin, Evgeny - 2015

A behaviour of economic agents in many respects depends on taking into account those conditions that have appeared around them. Traditionally, to such conditions, researchers have referred the uncertainty and factors of the institutional control, often projected on a value of the transaction...

Persistent link: https://www.econbiz.de/10013013461

Robust Detection of Multivariate Outliers in Asset Returns and Risk Factors Data

Green, Christopher G - 2017

It is well-known that outliers exist in the type of multivariate data used by financial practitioners for portfolio construction and risk management. Typically, outliers are addressed prior to model fitting by applying some combination of trimming and/or Winsorization to each individual...

Persistent link: https://www.econbiz.de/10012946531

Materiality and Corporate Sustainability : A Model Uncertainty Analysis

Berchicci, Luca; King, Andrew A. - 2021

For more than thirty years, scholars have investigated the connection between corporate sustainability and financial performance. In 2016, Khan, Serafeim, and Yoon published what appeared to be a major breakthrough in this quest. They reported that guidance from the Sustainability Accounting...

Persistent link: https://www.econbiz.de/10013226895