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Distorted Probabilities and Choice under Risk (Lecture Notes in Economics and Mathematical Systems)
Clemens Puppe
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Description for Distorted Probabilities and Choice under Risk (Lecture Notes in Economics and Mathematical Systems)
Paperback. The book develops a new model of individual choice under risk within the general framework of rank-dependent utility theory. The new approach captures simultaneously an optimistic attitude towards gambling and risk averse behavior. The model is then applied to some of the observed behavioral patterns contradicting the expected utility hypothesis. Series: Lecture Notes in Economics and Mathematical Systems. Num Pages: 108 pages, biography. BIC Classification: KCA; PBT. Category: (P) Professional & Vocational; (UP) Postgraduate, Research & Scholarly. Dimension: 235 x 156 x 8. Weight in Grams: 148. Series: Lecture Notes in Economics and Mathematical Systems. 108 pages, black & white illustrations. The book develops a new model of individual choice under risk within the general framework of rank-dependent utility theory. The new approach captures simultaneously an optimistic attitude towards gambling and risk averse behavior. The model is then applied to some of the observed behavioral patterns contradicting the expected utility hypothesis. Cateogry: (P) Professional & Vocational; (UP) Postgraduate, Research & Scholarly. BIC Classification: KCA; PBT. Dimension: 235 x 156 x 8. Weight: 148.
During the development of modern probability theory in the 17th cen tury it was commonly held that the attractiveness of a gamble offering the payoffs :1:17 ••• ,:l: with probabilities Pl, . . . , Pn is given by its expected n value L:~ :l:iPi. Accordingly, the decision problem of choosing among different such gambles - which will be called prospects or lotteries in the sequel-was thought to be solved by maximizing the corresponding expected values. The famous St. Petersburg paradox posed by Nicholas Bernoulli in 1728, however, conclusively demonstrated the fact that individuals l consider more than just the ... Read more
During the development of modern probability theory in the 17th cen tury it was commonly held that the attractiveness of a gamble offering the payoffs :1:17 ••• ,:l: with probabilities Pl, . . . , Pn is given by its expected n value L:~ :l:iPi. Accordingly, the decision problem of choosing among different such gambles - which will be called prospects or lotteries in the sequel-was thought to be solved by maximizing the corresponding expected values. The famous St. Petersburg paradox posed by Nicholas Bernoulli in 1728, however, conclusively demonstrated the fact that individuals l consider more than just the ... Read more
Product Details
Format
Paperback
Publication date
1991
Publisher
Springer
Condition
New
Series
Lecture Notes in Economics and Mathematical Systems
Number of Pages
100
Place of Publication
Berlin, Germany
ISBN
9783540542476
SKU
V9783540542476
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
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