Pestizide ermöglichen der Landwirtschaft gesteigerte Erträge, sie bergen jedoch auch Risiken für die menschliche Gesundheit und die Umwelt. Um diese Risiken zu begrenzen, müssen sie in einem Risikobewertungsverfahren ihre Sicherheit nachweisen, bevor sie zugelassen werden können. Die...

Pesticides, while rendering immense agricultural benefits, potentially entail risks to human health and the environment. To limit these risks, market approval of a pesticide is typically conditional on an extensive risk assessment demonstrating its safety. The associated testing procedures,...

An ambiguous statistical experiment is a set of joint probability distributions over states and signals. This note compares ambiguous experiments from the point of view of an ambiguity averse decision maker and extends the Blackwell (1951, 1953) ordering to this setting.

Background: his paper presents a case study on 100Credit, an Internet credit service provider in China. 100Credit began as an IT company specializing in e-commerce recommendation before getting into the credit rating business. The company makes use of Big Data on multiple aspects of...

How should tort law deal with agents that employ novel and imperfectly understood technologies that later turn out to involve harm? There is no agreement among different legal systems whether strict liability or negligence rules should govern these so-called 'development risks'. The law-and-...

We examine different routing strategies to cope with inaccurate time window in- formation in the context of a dynamic pick-up and delivery problem with time windows. Our experiments show that advance information, even if inaccurate, can provide benefits from a planning perspective. We propose a...

The well-known Blackwell's theorem states the equivalence of statistical informativeness and economic valuableness. Celen (2012) generalizes this theorem, which is well-known for subjective expected utility (SEU), to maxmin expected utility (MEU) preferences. We demonstrate that the underlying...

One apparent reason for deferring a decision – abstaining from choosing, leaving the decision open to be taken by someone else, one’s later self, or nature – is for lack of sufficient confidence in the relevant beliefs. This paper develops an axiomatic theory of decision in situations...

In this paper we propose a solution to the Bayesian problem of a decision maker who chooses, while observing trial evidence, an optimal stopping time at which either to invest in a newly developed health care technology or abandon research. We show how optimal stopping boundaries can be computed...

We estimate the value of using information from genetic marker panels for seven economically relevant feedlot cattle traits. The values of using genetic information to sort cattle by optimal days-on-feed are less than $1/head for each of the traits evaluated. However, the values associated with...

The well-known Blackwell's theorem states the equivalence of statistical informativeness and economic valuableness. Celen (2012) generalizes this theorem, which is well-known for subjective expected utility (SEU), to maxmin expected utility (MEU) preferences. We demonstrate that the underlying...