E-Book, Englisch, Band 585, 232 Seiten, eBook
Pope / Leitner / Leopold-Wildburger The Knowledge Ahead Approach to Risk
2007
ISBN: 978-3-540-38474-8
Verlag: Springer
Format: PDF
Kopierschutz: 1 - PDF Watermark
Theory and Experimental Evidence
E-Book, Englisch, Band 585, 232 Seiten, eBook
Reihe: Lecture Notes in Economics and Mathematical Systems
ISBN: 978-3-540-38474-8
Verlag: Springer
Format: PDF
Kopierschutz: 1 - PDF Watermark
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.
Zielgruppe
Research
Autoren/Hrsg.
Weitere Infos & Material
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.
