Models and Experiments in Risk and Rationality

By: Bertrand Munier (Editor), Mark J. Machina (Editor)

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Hardcover | 31 October 1994

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Hardcover
456 Pages

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24.77 x 16.51 x 3.18

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Models and Experiments in Risk and Rationality presents original contributions to the areas of individual choice, experimental economics, operations and analysis, multiple criteria decision making, market uncertainty, game theory and social choice. The papers, which were presented at the FUR VI conference, are arranged to appear in order of increasing complexity of the decision environment or social context in which they situate themselves.
The first section `Psychological Aspects of Risk-Bearing', considers choice at the purely individual level and for the most part, free of any specific economic or social context. The second section examines individual choice within the classical expected utility approach while the third section works from a perspective that includes non-expected utility preferences over lotteries. Section four, `Multiple Criteria Decision-Making Under Uncertainty', considers the more specialized but crucial context of uncertain choice involving tradeoffs between competing criteria -- a field which is becoming of increasing importance in applied decision analysis. The final two sections examine uncertain choice in social or group contexts.

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You Can Find This Book In

Non-Fiction Business & Management Management & Management Techniques Management Decision Making Accounting & Finance Finance Insurance & Actuarial Studies Operational Research Economics Econometrics Economic Statistics Mathematics

Optimisation Game Theory Microeconomics

Introduction to the Volume
Psychological Aspects of Risk Bearing	p. 1
The Psychogenetic Approach to Risk	p. 3
Contextual Effects and the Influence of the Frame on Decision Making	p. 17
CE-PE Bias and Probability Level: An Anchoring Model of their Interaction	p. 35
New Developments in the Theory of Risk Aversion	p. 57
Non-Additive Probabilities and the Measure of Uncertainty and Risk Aversion: A Proposal	p. 59
A Precautionary Tale of Risk Aversion and Prudence	p. 75
Embodied Risk: 'Framing', Consumption Style and the Deterrence of Crimes of Passion	p. 91
Non-Expected Utility Models and Tests	p. 117
Estimation of Expected Utility and Non-Expected Utility Preference Functionals Using Complete Ranking Data	p. 119
The 'Closing In' Method: An Experimental Tool to Investigate Individual Choice Patterns Under Risk	p. 141
Gains and Losses in Nonadditive Expected Utility	p. 157
An Outline of My Main Contributions to Risk and Utility Theory: Theory, Experience, and Applications	p. 173
Multiple Criteria Decision-Making Under Uncertainty	p. 223
Multiattribute Analysis Based on Stochastic Dominance	p. 225
Aggregation and Uncertainties in Deliberated Evaluation	p. 249
Multicriteria Decision Model and Decision Making Process in an Organization: An Application in Industrial Management	p. 261
Production, Firms and Markets	p. 273
Expected Profits and Information Under Uncertainty	p. 275
Market Preferences Revealed by Prices: Non-Linear Pricing in Slack Markets	p. 289
Risk, Time and Financial Decision	p. 307
Games and Social Choice	p. 323
Ambiguity-Aversion and Non-Additive Beliefs in Non-Cooperative Games: Experimental Evidence	p. 325
On Regular Composed Tournaments	p. 359
Market Games with Asymmetric Information: The Core with Finitely Many States of the World	p. 377
Information Transmission in Signalling Games: Confrontation of Different Forward Induction Criteria	p. 413
Table of Contents provided by Blackwell. All Rights Reserved.

Models and Experiments in Risk and Rationality

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