Robin Pope, Johannes Leitner, Ulrike Leopold-Wildburger

The Knowledge Ahead Approach to Risk (eBook, PDF)

Theory and Experimental Evidence

• Format: PDF

Produktbeschreibung

This book is written for those seeking a decision theory appropriate for use in serious choices such as insurance. It employs stages of knowledge ahead to track satisfactions and dissatisfactions. From experimental and questionnaire data, people take into account such stages of knowledge ahead satisfactions and dissatisfactions. This means we must go beyond standard decision theories like expected utility or cumulative prospect theory.

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Produktdetails

• Verlag: Springer Berlin Heidelberg
• Seitenzahl: 232
• Erscheinungstermin: 23. November 2006
• Englisch
• ISBN-13: 9783540384748
• Artikelnr.: 37368529

Autorenporträt

Univ. Prof. Dr. Ulrike Leopold-Wildburger, Universitätsprofessor für Wirtschaftsmathematik und Operations Research. Verfasserin zahlreicher Bücher und Artikel in Fachzeitschriften, mehrere best paper und research awards.

Inhaltsangabe

Theory and Methodology.- A Serious Specific Scenario for a Serious Risky Choice Theory.- What Expected Utility Theory Really Is: What Its Notion of Risk Aversion Excludes.- Primary and Secondary Satisfactions.- The von Neumann-Morgenstern Contradiction When Including Secondary Satisfactions Solved with Stages of Knowledge.- Material Secondary Satisfactions and Planning.- Misconceptions About Secondary Satisfactions.- Biases in Experimental Set-ups That Ignore Secondary Satisfactions.- SKAT, The Stages of Knowledge Ahead Theory.- Self Reports Versus Scientists' Own Introspection and Related Reliability Issues.- Experiments.- Participants and Their Choices.- Willingness to Pay Compared with Choices in a Dictated Choice Set.- The Role of Secondary Satisfactions.- Algorithms Versus Global Maximising Procedures.- Insurance Provision by Governments and Firms.- Summary and Directions for Further Research.

Rezensionen

From the reviews:

"While most approaches to risk ignore the time dimension, Pope, Leitner, and Leopold-Wildburger distinguish between primary and secondary satisfactions. ... The book may be suitable for senior undergraduate and graduate students, in addition to practitioners and researchers ... . It can serve to initiate researchers and students into experiments and how experimental results can serve to test and develop theories." (Kjell Hausken, Theory and Decision, Vol. 62, 2007)