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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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An old‐new concept of convex risk measures: the optimized certainty equivalent
Aharon Ben-Tal,Marc Teboulle +1 more
TL;DR: It is shown that the negative of the OCE naturally provides a wide family of risk measures that fits the axiomatic formalism of convex risk measures.
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Chapter 2 Uncertainty, risk aversion, and risk management for agricultural producers
TL;DR: In this article, the main sources of agricultural risk are discussed and an exposition of expected utility theory and of the notion of risk aversion is provided, followed by a basic analysis of agricultural production decisions under risk, including some comparative statics results from stylized models.
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On the Simple Economics of Advertising, Marketing, and Product Design.
Justin P. Johnson,David P. Myatt +1 more
TL;DR: In this article, the authors propose a framework for analyzing transformations of demand, which frequently stem from changes in the dispersion of consumers' valuations, which lead to rotations of the demand curve.
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Consistent Testing for Stochastic Dominance under General Sampling Schemes
TL;DR: In this article, a procedure for estimating the critical values of the extended Kolmogorov-Smirnov tests of stochastic dominance of arbitrary order in the general K-prospect case is proposed.
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Translation of Gambles and Aspiration Level Effects in Risky Choice Behavior
TL;DR: In this article, a model of the effect of a reference point on risky choice behavior is presented and the results are also discussed in terms of the Fishburn and Kahneman-Tversky models, as well as other theories of risky decision making.
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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.