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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 empirical study of risk under fixed and flexible exchange
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Production risk and efficient allocation of resources
Jr Anderson,William E. Griffiths +1 more
TL;DR: In this article, the impact of varying levels of factors of production on risks associated with production is measured using stochastic efficiency analysis (SEMA) with respect to empirical risk-sensitive, farm-firm production functions.
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Financial compensation and uncertainty: using mean-variance rule and stochastic dominance to derive conservation payments for secondary forests
Thomas Knoke,Patrick Hildebrandt,Daniel KleinD. Klein,Rodrigo MujicaR. Mujica,Martin Moog,Reinhard Mosandl +5 more
TL;DR: The expected opportunity costs of conserving a specific land use are usually considered adequate as financial compensation, but a “conservation premium” is sometimes proposed as an added addition to financial compensation.
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The welfare performance of sequential pricing mechanisms
TL;DR: The authors empirically evaluated the expected welfare associated with standard nonlinear pricing and optional tariffs by using information directly linked to the type of individual consumers and found that tariffs composed of nonlinear options do not necessarily outperform simpler pricing strategies in terms of expected profits.
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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.