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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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Expected Utility and Risk
TL;DR: In this article, the authors argue that the rule to maximize expected utility is intended for decisions where options involve risk and that the decision maker's attitude toward risk is important, and the rule ought to take it into account.
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Batter up! moral hazard and the effects of the designated hitter rule on hit batsmen
TL;DR: In this paper, the authors argue that the introduction of the designated hitter (DH) rule in the American League but not the National League of Major League Baseball in 1973 created the potential for a classic moral hazard problem.
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Ordering ambiguous acts
Ian Jewitt,Sujoy Mukerji +1 more
TL;DR: This work investigates what it means for one act to be more ambiguous than another, and defines two notions of more ambiguous with respect to such a class of preferences constructed to be (strictly) partially ordered by a more ambiguity averse relation.
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On the comparison of risk-neutral and risk-averse newsvendor problems
TL;DR: It is demonstrated, analytically where possible and numerically if not, that the comparison of the optimal order quantities of risk-neutral and risk-averse newsvendors depends on the key assumptions regarding the model inputs, namely, the decision criterion, the demand distribution and the cost parameters such as shortage penalty and unit ordering cost.
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Diminishing Marginal Utility of Wealth and Calibration of Risk in Agriculture
TL;DR: In this paper, the authors present a general calibration problem and apply the results to an empirical risk study in agricultural economics to illustrate the unintended consequences of using expected utility theory to explain risk response.