โ Scribed by Robert J. Aumann
No coin nor oath required. For personal study only.
๐ SIMILAR VOLUMES
Economic decision making under uncertainty is universally characterized by aversion to risk. One of the most basic concepts in economic theory, risk aversion is usually explained by the concavity of the utility function, which, in turn, is based on a person's satiability for wealth. I use genetic al
Two definitions of risk aversion have recently been proposed for nonexpected utility theories of choice under uncertainty: the former refers the measure of risk aversion (Montesano 1985(Montesano , 1986(Montesano and 1988) ) directly to the risk premium (i.e. to the difference between the expected v
The ability to use a knowledge of past market price fluctuations to reduce the risk of future financial returns is explored in the context of planning an agroforestry system with a cash crop component. It is demonstrated that if past crop price behavior is indicative of future price behavior, planti