Willkommen, schön sind Sie da!
Logo Ex Libris

Risky Curves

  • E-Book (pdf)
  • 140 Seiten
(0) Erste Bewertung abgeben
Bewertungen
(0)
(0)
(0)
(0)
(0)
Alle Bewertungen ansehen
For several decades, the orthodox economics approach to understanding choice under risk has been to assume that each individual pe... Weiterlesen
E-Books ganz einfach mit der kostenlosen Ex Libris-Reader-App lesen. Hier erhalten Sie Ihren Download-Link.
CHF 41.90
Download steht sofort bereit
Informationen zu E-Books
E-Books eignen sich auch für mobile Geräte (sehen Sie dazu die Anleitungen).
E-Books von Ex Libris sind mit Adobe DRM kopiergeschützt: Erfahren Sie mehr.
Weitere Informationen finden Sie hier.

Beschreibung

For several decades, the orthodox economics approach to understanding choice under risk has been to assume that each individual person maximizes some sort of personal utility function defined over purchasing power. This new volume contests that even the best wisdom from the orthodox theory has not yet been able to do better than supposedly naive models that use rules of thumb, or that focus on the consumption possibilities and economic constraints facing the individual. The authors assert this by first revisiting the origins of orthodox theory. They then recount decades of failed attempts to obtain meaningful empirical validation or calibration of the theory. Estimated shapes and parameters of the ",curves", have varied erratically from domain to domain (e.g., individual choice versus aggregate behavior), from context to context, from one elicitation mechanism to another, and even from the same individual at different time periods, sometimes just minutes apart.This book proposes the return to a simpler sort of scientific theory of risky choice, one that focuses not upon unobservable curves but rather upon the potentially observable opportunities and constraints facing decision makers. It argues that such an opportunities-based model offers superior possibilities for scientific advancement. At the very least, linear utility - in the presence of constraints - is a useful bar for the ",curved", alternatives to clear.

Autorentext

Daniel Friedman is Distinguished Professor of Economics, University of California, Santa Cruz, USA

R. Mark Isaac is John and Hallie Quinn Eminent Scholar at Florida State University, USA

Duncan James is Associate Professor (Economics) Fordham University, USA

Shyam Sunder is James L. Frank Professor of Economics and Management at the Yale School of Management.



Inhalt

1. The Challenge of Understanding Choice Under Risk 2. Historical Review of Research Through 1960 3. Measuring Individual Risk Preferences 4. Aggregate Level Evidence From the Field 5. What are Risk Preferences? 6. Risky Opportunities 7. Possible Ways Forward

Produktinformationen

Titel: Risky Curves
Untertitel: On the Empirical Failure of Expected Utility
Autor:
EAN: 9781317821243
ISBN: 978-1-317-82124-3
Digitaler Kopierschutz: Adobe-DRM
Format: E-Book (pdf)
Herausgeber: Taylor & Francis
Genre: Wirtschaft
Anzahl Seiten: 140
Veröffentlichung: 05.02.2014
Jahr: 2014
Untertitel: Englisch
Zuletzt angesehen
Verlauf löschen