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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).

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Ambiguity and the Bayesian Paradigm

TL;DR: A survey of recent decision-theoretic literature involving beliefs that cannot be quantified by a Bayesian prior is given in this paper, where historical, philosophical, and axiomatic foundations of the Bayesian model are discussed as well as several alternative models recently proposed.
Journal ArticleDOI

Risk Aversion in Inventory Management

TL;DR: This paper proposes a framework for incorporating risk aversion in multiperiod inventory models as well as multiperiod models that coordinate inventory and pricing strategies and demonstrates that the optimal policy is relatively insensitive to small changes in the decision-maker's level of risk aversion.
Journal ArticleDOI

The need for strategic flexibility

TL;DR: In this article, the authors describe how to cope with increasing uncertainty in business by opening up avenues of strategic flexibility, and how to deal with the uncertainty in decision-making process.
Posted Content

On the out-of-sample importance of skewness and asymetric dependence for asset allocation

TL;DR: In this paper, the authors examined the economic and statistical significance of two types of asymmetries in the joint distribution of stock returns in an out-of-sample setting and concluded that capturing skewness and asymmetric dependence leads to gains that are economically signi cant, and statistically significant in some cases.