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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
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"safety first - an expected utility principle"
Haim Levy,Marshall Sarnat +1 more
TL;DR: The theory of choice under conditions of certainty has been extended by Von Neumann and Morgenstern [8], Friedman and Savage [5], Marschak [13], and others to conditions involving risk by assuming that individuals maximize their expected utility.
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Risk-Aversion Concepts in Expected- and Non-Expected-Utility Models
TL;DR: In this article, a survey of all the possible notions of increasing risk and of risk aversion and their intrinsic definitions is presented, and it is shown that contrary to expected-utility theory where all the notions of risk avoidance have the same characterization (u concave), in the framework of rank-dependent expected utility (one of the most well known of the non-expected utility models), the characterizations of all these notions of Risk aversion are different.
Optimal Paths in Dynamic Networks with Dependent Random Link Travel Times
TL;DR: In this article, the authors find paths with minimum expected disutility in a stochastic time-dependent network where all link travel times at all times are jointly distributed random variables.
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Weighted Maximum Entropy OWA Aggregation With Applications to Decision Making Under Risk
TL;DR: The maximal entropy OWA (MEOWA) approach to obtaining the weights is discussed, which allows us to use the OWA operator in decision making under risk and is able to include probabilistic information as well as decision attitude to construct customized decision functions.
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Engineering Decisions under Risk Averseness
TL;DR: In this article, the authors describe how risk measures provide an expanded set of models for handling risk-averse decision makers, and provide an overview of the framework of decision making based on risk measures.
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
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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.