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Rules for Ordering Uncertain Prospects
Josef Hadar,William R Russell +1 more
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This article is published in The American Economic Review.The article was published on 1969-01-01 and is currently open access. It has received 1748 citations till now.read more
Citations
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Lower partial moments as measures of perceived risk: An experimental study
TL;DR: In this paper, the authors report the results of an experiment on individual investors' risk perception in a financial decision-making context under two different modes of information presentation (framings).
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The sensitivity of strategic and corrective R&D policy in oligopolistic industries
Kyle Bagwell,Robert W. Staiger +1 more
TL;DR: In this article, the authors evaluate the case for R&D subsidies in export sectors when the outcome of research is uncertain and the product market is oligopolistic, and they find that when R&Ds reduce expected costs in the particular sense of first-order stochastic dominance, a national strategic basis for subsidies exists, whether firms choose prices or quantities.
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Choosing between risky prospects: the characterization of comparative statics results, and location independent risk
TL;DR: In this paper, the authors consider expected utility maximizers choosing from a family of risky prospects and examine how choice is influenced by the decision makers attitude to risk, i.e., as decision makers are more risk tolerant they choose a gamble higher in the ordering.
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Preferences over location-scale family
TL;DR: In this paper, the location-scale (LS) family with general n random seed sources was extended and geometrical and topological properties of the location scale expected utility functions were obtained.
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Investment decisions under uncertainty—A methodological review on forest science studies
Patrick Hildebrandt,Thomas Knoke +1 more
TL;DR: In this paper, a comprehensive overview on techniques for financial decision-making under uncertainty and developing future research needs is presented, and the authors conclude that the maximization of financial robustness is probably the most adequate approach for many long-term decisions in forestry.
References
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Book
Theory of Games and Economic Behavior
TL;DR: Theory of games and economic behavior as mentioned in this paper is the classic work upon which modern-day game theory is based, and it has been widely used to analyze a host of real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations.
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Admissibility and Measurable Utility Functions
James P. Quirk,Rubin Saposnik +1 more
Book ChapterDOI
Ordered Families of Distributions
TL;DR: In this article, a comparison is made of several definitions of ordered sets of distributions, some of which were introduced earlier by the author [7], [8] and by Rubin [10], and the results are applied to obtaining tests that give a certain guaranteed power with a minimum number of observations.
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Dynamic Inventory Policy with Varying Stochastic Demands
TL;DR: In this article, a dynamic inventory model is formulated in which the demand distributions may change from period to period, and the optimal policy at each stage is characterized by a single critical number which also could vary in successive periods.