Models and Experiments in Risk and Rationality

✍ Scribed by Jean-Pascal Assailly (auth.), Bertrand Munier, Mark J. Machina (eds.)

• Publisher: Springer Netherlands
• Year: 1994
• Tongue: English
• Leaves: 442
• Series: Theory and Decision Library 29
• Edition: 1
• Category: Library

✦ Synopsis

Models and Experiments in Risk and Rationality presents original contributions to the areas of individual choice, experimental economics, operations and analysis, multiple criteria decision making, market uncertainty, game theory and social choice. The papers, which were presented at the FUR VI conference, are arranged to appear in order of increasing complexity of the decision environment or social context in which they situate themselves.
The first section `Psychological Aspects of Risk-Bearing', considers choice at the purely individual level and for the most part, free of any specific economic or social context. The second section examines individual choice within the classical expected utility approach while the third section works from a perspective that includes non-expected utility preferences over lotteries. Section four, `Multiple Criteria Decision-Making Under Uncertainty', considers the more specialized but crucial context of uncertain choice involving tradeoffs between competing criteria -- a field which is becoming of increasing importance in applied decision analysis. The final two sections examine uncertain choice in social or group contexts.

✦ Table of Contents

Front Matter....Pages i-xi
Front Matter....Pages 1-2
The Psychogenetic Approach to Risk....Pages 3-15
Contextual Effects and the Influence of the Frame on Decision Making....Pages 17-34
CE-PE Bias and Probability Level: An Anchoring Model of their Interaction....Pages 35-55
Front Matter....Pages 57-58
Non-Additive Probabilities and the Measure of Uncertainty and Risk Aversion: A Proposal....Pages 59-74
A Precautionary Tale of Risk Aversion and Prudence....Pages 75-90
“Embodied Risk: ‘Framing,’ Consumption Style and the Deterrence of Crimes of Passion”....Pages 91-115
Front Matter....Pages 117-118
Estimation of Expected Utility and Non-Expected Utility Preference Functionals Using Complete Ranking Data....Pages 119-139
The “Closing In” Method: An Experimental Tool to Investigate Individual Choice Patterns under Risk....Pages 141-155
Gains and Losses in Nonadditive Expected Utility....Pages 157-172
An Outline of My Main Contributions to Risk and Utility Theory: Theory, Experience, and Applications....Pages 173-221
Front Matter....Pages 223-224
Multiattribute Analysis Based on Stochastic Dominance....Pages 225-248
Aggregation and Uncertainties in Deliberated Evaluation....Pages 249-260
Multicriteria Decision Model and Decision Making Process in an Organization: An Application in Industrial Management....Pages 261-271
Front Matter....Pages 273-274
Expected Profits and Information Under Uncertainty....Pages 275-288
Market Preferences Revealed by Prices: Non-Linear Pricing in Slack Markets....Pages 289-306
Risk, Time, and Financial Decision....Pages 307-321
Front Matter....Pages 323-324
Ambiguity-aversion and Non-additive Beliefs in Non-Cooperative Games: Experimental evidence....Pages 325-358
On Regular Composed Tournaments....Pages 359-376
Market Games with Asymmetric Information: The Core with Finitely Many States of the World....Pages 377-411
Information Transmission in Signaling Games: Confrontation of Different Forward Induction Criteria....Pages 413-438
Back Matter....Pages 439-440

✦ Subjects

Operation Research/Decision Theory; Statistics for Business/Economics/Mathematical Finance/Insurance