Download or read book Nonlinear Preference and Utility Theory written by Peter C. Fishburn and published by . This book was released on 1988 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Behavioral Decision Theory written by Kazuhisa Takemura and published by Springer Nature. This book was released on 2021-09-29 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the second edition of Behavioral Decision Theory, published in 2014. The main approach and structure of this book have been retained in the new edition. However, this second edition provides a fresh overview of the idea of behavioral decision theory and related research findings such as theoretical and empirical discoveries of preference formation, time discounting, social interaction, and social decision making. The book covers a wide range from classical to relatively recent major studies concerning behavioral decision theory, which, in brief, is a general term for descriptive theories to explain the psychological knowledge related to people’s decision-making behavior. It is called a theory but is actually a combination of various psychological theories, for which no axiomatic systems—such as those associated with the utility theory widely used in economics—have been established. The utility theory is often limited to qualitative knowledge; however, as the studies of Nobel laureates H. A. Simon, D. Kahneman, and R. Thaler have suggested, the psychological methodology and knowledge of behavioral decision theory have been applied widely in such fields as economics, business administration, and engineering and are expected to become even more useful in the future. Research into people’s decision making represents an important part in those fields, various aspects of which overlap with the scope of behavioral decision theory. This theory is closely related to behavioral economics and behavioral finance, which have come into greater use in recent years. This book will appeal especially to graduate students, advanced undergraduate students, and researchers who are interested in decision-making phenomena.
Download or read book Utility Theories Measurements and Applications written by Ward Edwards and published by Springer Science & Business Media. This book was released on 2013-12-01 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Conference on "Utility: Theories, Measurements, and Applications" met at the Inn at Pasatiempo in Santa Cruz, California, from June II to 15, 1989. The all-star cast of attendees are listed as authors in the Table of Contents of this book (see p. V), except for Soo Hong Chew and Amos Tversky. The purpose of the conference, and of National Science Foundation Grant No. SES-8823012 that supported it, was to confront proponents of new generalized theories of utility with leading decision analysts com mitted to the implementation, in practice, of the more traditional theory that these new theories reject. That traditional model is variously iden tified in this book as expected utility or subjectively expected utility maximization (EU or SEU for short) and variously attributed to von Neumann and Morgenstern or Savage. I had feared that the conference might consist of an acrimonious debate between Olympian normative theorists uninterested in what people actually do and behavioral modelers obsessed with the cognitive illusions and uninterested in helping people to make wise decisions. I was entirely wrong. The conferees, in two dramatic straw votes at the open ing session, unanimously endorsed traditional SEU as the appropriate normative model and unanimously agreed that people don't act as that model requires. (These votes had a profound impact on my thinking; detail about them and about that impact is located in Chapter 10.
Download or read book Evolution of Non Expected Utility Preferences written by Sven von Widekind and published by Springer Science & Business Media. This book was released on 2008-01-08 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory on the evolution of preferences deals with the endogenous formation of preference relations in strategic situations. It is related to the field of evolutionary game theory. In this book we analyze the role and the influence of general, possibly non-expected utility preferences in such an evolutionary setup. In particular, we demonstrate that preferences which diverge from von Neumann-Morgenstern expected utility may potentially prove to be successful under evolutionary pressures.
Download or read book Nonlinear Measurable Utility Analysis written by Yutaka Nakamura and published by . This book was released on 1984 with total page 518 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Handbook of Utility Theory written by Salvador Barbera and published by Springer Science & Business Media. This book was released on 2004-03-31 with total page 636 pages. Available in PDF, EPUB and Kindle. Book excerpt: The standard rationality hypothesis is that behaviour can be represented as the maximization of a suitably restricted utility function. This hypothesis lies at the heart of a large body of recent work in economics, of course, but also in political science, ethics, and other major branches of the social sciences. Though this hypothesis of utility maximization deserves our continued respect, finding further refinements and developing new critiques remain areas of active research. In fact, many fundamental conceptual problems remain unsettled. Where others have been resolved, their resolutions may be too recent to have achieved widespread understanding among social scientists. Last but not least, a growing number of papers attempt to challenge the rationality hypothesis head on, at least in its more orthodox formulation. The main purpose of this Handbook is to make more widely available some recent developments in the area. Yet we are well aware that the final chapter of a handbook like this can never be written as long as the area of research remains active, as is certainly the case with utility theory. The editors originally selected a list of topics that seemed ripe enough at the time that the book was planned. Then they invited contributions from researchers whose work had come to their attention. So the list of topics and contributors is largely the editors' responsibility, although some potential con tributors did decline our invitation. Each chapter has also been refereed, and often significantly revised in the light of the referees' remarks.
Download or read book Handbook of the Economics of Risk and Uncertainty written by Mark Machina and published by Newnes. This book was released on 2013-11-14 with total page 897 pages. Available in PDF, EPUB and Kindle. Book excerpt: The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments. - Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance - Divides coverage between theoretical, empirical, and experimental findings - Makes the economics of risk and uncertainty accessible to scholars in fields outside economics
Download or read book Utility Maximization Choice and Preference written by Fuad Aleskerov and published by Springer Science & Business Media. This book was released on 2013-04-18 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. However, numerous examples have revealed the deficiencies of the concept. This book helps to overcome those deficiencies by taking into account insensitivity of measurement threshold and context of choice. The second edition has been updated to include the most recent developments and a new chapter on classic and new results for infinite sets.
Download or read book Cardinalism written by M. Allais and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: THE CONCEPTION OF THIS VOLUME This volume, Cardinalism, has been initiated by Ole Hagen, and is now published due to his perseverance and to Kluwer Academic Publishers. Because of various activities and duties, my contribution to the general conception of this volume has only been formal, and all the credit for it is due to Ole Hagen. I should also emphasize that the responsibility for the year's delay in the publishing of this volume is entirely mine, for two reasons. First of all, I have been involved in many works in very different fields. Second, the English translation of my 1943 contribution to the concept of cardinal utility took some time. The points of view the reader will find in this volume are often different and sometimes contradictory, but this can only increase the interest of its reading. In any case, this is not the editors' part to side with or against. Thus contributions to this volume are presented as they have been submit ted to the editors. Of course, this does not mean that they entirely agree with the analyses presented. MAURICE ALLAIS M. Allais and O. Hagen (eds.), Cardinalism, vii INTRODUCTION Everyone's conscious choices are assumed to reflect their preferences in different situations. For some purposes it serves the theorist's preference for simplicity to assume that a person's life style can be described by the values of some concrete variables, such as quantities of goods available.
Download or read book Non expected Utility Preferences in a Temporal Framework with an Application to Consumption savings Behaviour written by Soo Hong Chew and published by . This book was released on 1987 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Social Preferences Equity and Non Expected Utility Theory written by Francesco Farina and published by . This book was released on 1994 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Compound Utility Theory written by Liang Zou and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A three-dimension analytical framework for decision under risk is presented, in which preference is defined as a triadic reference-dependent relation as in Sugden (2003). Characterized by a set of von Neumann-Morgenstern-style axioms except that the independence axiom is assumed only for the valuation of utility-reward (u) and disutility-risk (d), compound utility theory (CUT) is developed that represents reference-dependent preferences in a straightforward manner. As a simple alternative to prospect theory, CUT is capable of accommodating nonlinear preferences without invoking the behavioral (nonadditive) subjective-probability or decision-weight assumptions. In applying CUT, a unique reference level can be identified given any choice context with monetary outcomes.
Download or read book The Mathematics of Preference Choice and Order written by Steven Brams and published by Springer Science & Business Media. This book was released on 2009-02-11 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peter Fishburn has had a splendidly productive career that led to path-breaking c- tributions in a remarkable variety of areas of research. His contributions have been published in a vast literature, ranging through journals of social choice and welfare, decision theory, operations research, economic theory, political science, mathema- cal psychology, and discrete mathematics. This work was done both on an individual basis and with a very long list of coauthors. The contributions that Fishburn made can roughly be divided into three major topical areas, and contributions to each of these areas are identi?ed by sections of this monograph. Section 1 deals with topics that are included in the general areas of utility, preference, individual choice, subjective probability, and measurement t- ory. Section 2 covers social choice theory, voting models, and social welfare. S- tion 3 deals with more purely mathematical topics that are related to combinatorics, graph theory, and ordered sets. The common theme of Fishburn’s contributions to all of these areas is his ability to bring rigorous mathematical analysis to bear on a wide range of dif?cult problems.
Download or read book Mathematical Economics and Game Theory written by R. Henn and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 714 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Generalized Expected Utility Theory written by John Quiggin and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic analysis of choice under uncertainty has been dominated by the expected utility (EU) model, yet the EU model has never been without critics. Psychologists accumulated evidence that individual choices under uncertainty were inconsistent with the predictions of the EU model. Applied work in areas such as finance was dominated by the simpler mean-variance analysis. In the 1980s this skepticism was dispelled as a number of generalizations of EU were proposed, most of which were capable of explaining evidence inconsistent with EU, while preserving transitivity and dominance. Generalized expected utility is now a flourishing subfield of economics, with dozens of competing models and considerable literature exploring their theoretical properties and comparing their empirical performance. But the EU model remains the principal tool for the analysis of choice under uncertainty. There is a view that generalized models are too difficult to handle or incapable of generating sharp results. This creates a need to show that the new models can be used in the kinds of economic analysis for which EU has been used, and that they can yield new and interesting results. This book meets this need by describing one of the most popular generalized models -- the rank-dependent expected utility model (RDEU), also known as anticipated utility, EU with rank-dependent preferences, the dual theory of choice under uncertainty, and simply as rank-dependent utility. As the many names indicate, the model has been approached in many ways by many scientists and for this reason, consideration of a single model sheds light on many of the concerns that have motivated the development of generalized utility models. The popularity of the RDEU model rests on its simplicity and tractability. The standard tools of analysis developed for EU theory may be applied to the RDEU model, but since RDEU admits behavior inconsistent with EU, the field of potential applications is widened. As such, the RDEU model is not as much a competitor to EU as an extension based on less restrictive assumptions.
Download or read book Preferences and Decisions written by Salvatore Greco and published by Springer. This book was released on 2010-08-28 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Decision making is an omnipresent, most crucial activity of the human being, and also of virtually all artificial broadly perceived “intelligent” systems that try to mimic human behavior, reasoning and choice processes. It is quite obvious that such a relevance of decision making had triggered vast research effort on its very essence, and attempts to develop tools and techniques which would make it possible to somehow mimic human decision making related acts, even to automate decision making processes that had been so far reserved for the human beings. The roots of those attempts at a scientific analysis can be traced to the ancient times but – clearly – they have gained momentum in the recent 50 or 100 years following a general boom in science. Depending on the field of science, decision making can be viewed in different ways. The most general view can be that decision making boils down to some cognitive, mental process(es) that lead to the selection of an option or a course of action among several alternatives. Then, looking in a deeper way, from a psychological perspective this process proceeds in the context of a set of needs, preferences, rational choice of an individual, a group of individuals, or even an organization. From a cognitive perspective, the decision making process proceeds in the context of various interactions with the environment.
Download or read book Multiple Criteria Decision Analysis State of the Art Surveys written by Salvatore Greco and published by Springer Science & Business Media. This book was released on 2006-01-20 with total page 1063 pages. Available in PDF, EPUB and Kindle. Book excerpt: Multiple Criteria Decision Analysis: State of the Art Surveys provides survey articles and references of the seminal or state-of-the-art research on MCDA. The material covered ranges from the foundations of MCDA, over various MCDA methodologies (outranking methods, multiattribute utility and value theories, non-classical approaches) to multiobjective mathematical programming, MCDA applications, and software. This vast amount of material is organized in 8 parts, with a total of 25 chapters. More than 2000 references are listed.
