✦ LIBER ✦

A Measurement of the Certainty Effect

✍ Scribed by Ulrich Schmidt

Publisher: Elsevier Science
Year: 1998
Tongue: English
Weight: 264 KB
Volume: 42
Category: Article
ISSN: 0022-2496
DOI: 10.1006/jmps.1997.1197

No coin nor oath required. For personal study only.

✦ Synopsis

In order to measure the certainty effect, the present paper tries to develop an axiomatic model of decision under risk which can accommodate the certainty effect and is, apart from this property, equivalent to expected utility. This leads to a new concept denoted by certainty preference which implies that a higher utility index is assigned to a consequence in the case of certainty than to the same consequence in the presence of risk. Now, a notion of comparative certainty preference can be obtained which will be characterized in terms of properties of the derived utility representation and allows for a generalization of the Arrow-Pratt measure of absolute risk aversion. Copyright 1998 Academic Press.

📜 SIMILAR VOLUMES

A modification of the certainty measure

A modification of the certainty measure to handle subnormal distributions

✍ Ronald R. Yager 📂 Article 📅 1986 🏛 Elsevier Science 🌐 English ⚖ 271 KB

We suggest a modification of the definition of certainty associated with a possibility distribution so that we are assured that the certainty measure is always less than or equal to the possibility measure even in the face of subnormal distributions, We note that when the possibility distribution is

A temporary suspension of certainties

✍ Lucia Villela-Minnerly 📂 Article 📅 1988 🏛 Springer Netherlands 🌐 English ⚖ 329 KB

Informational measure of certainty and i

Informational measure of certainty and its use in the identification of plants

✍ N. S. Rajbman; M. I. Shpunt; F. A. Ovsepian; I. S. Durgarian 📂 Article 📅 1971 🏛 Springer 🌐 English ⚖ 814 KB

The Certainty of Violet and Luke

✍ Jessica Sorensen 📂 Fiction 🏛 Jessica Sorensen 🌐 English ⚖ 113 KB 👁 2 views

Violet Hayes's life is a mess. Between her stalker, Preston, refusing to leave her alone, her parents' case still being unsolved, and falling behind in school, she always feels on the verge of losing it. When some unexpected news comes her way, it's the final straw and she ends up doing something th

Probability and certainty: A reexaminati

Probability and certainty: A reexamination of the Lewis-Reichenbach debate

✍ James Cleve 📂 Article 📅 1977 🏛 Springer Netherlands 🌐 English ⚖ 633 KB

Net present value: the illusion of certa

Net present value: the illusion of certainty

✍ Brendan McSweeney 📂 Article 📅 2006 🏛 John Wiley and Sons 🌐 English ⚖ 93 KB