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Essays in the theory of risk-bearing
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The article was published on 1958-01-01 and is currently open access. It has received 3688 citations till now. The article focuses on the topics: Bearing (mechanical).read more
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Firm organization, industrial structure, and technological innovation☆
TL;DR: This paper explored the properties of different types of firms with respect to the generation of new technology and made an effort to match organization structure to the type of innovation, which is relevant to technology and competition policy as it broadens the framework economists use to identify environments that assist innovation.
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Differentiating ambiguity and ambiguity attitude
TL;DR: This paper introduces a relation derived from the DM's preferences, called “unambiguous preference”, and shows that it can be represented by a set of probabilities, and argues that it is a behavioral representation of the “ambiguity” that the DM may perceive.
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The Optimal Structure of Incentives and Authority within an Organization
TL;DR: In this paper, two kinds of models for a productive organization are presented: the first model is based on the performance of individuals, which is perfectly observed, and the second model, which focuses on the imperfect observation of performance, allows interesting deductions about optimal payment schedules and organizational structure.
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Anomalies: Risk Aversion
Matthew Rabin,Richard H. Thaler +1 more
TL;DR: The authors show that risk aversion is not plausible in most applications, since anything more than economically negligible risk aversion over moderate stakes requires a utility-of-wealth function that is so concave that it predicts absurdly severe risk aversion for very large stakes.
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Optimal, rules for ordering uncertain prospects+
TL;DR: In this article, the Third Order Stochastic Dominance (TSD) rule is shown to be the optimal rule when comparing uncertain prospects with equal means, and in the general case of unequal means, no known selection rule uses both necessary and sufficient conditions for dominance.