Neurobiological studies of risk assessment: A comparison of expected utility and mean-variance approaches
نویسندگان
چکیده
منابع مشابه
Neurobiological studies of risk assessment: a comparison of expected utility and mean-variance approaches.
When modeling valuation under uncertainty, economists generally prefer expected utility because it has an axiomatic foundation, meaning that the resulting choices will satisfy a number of rationality requirements. In expected utility theory, values are computed by multiplying probabilities of each possible state of nature by the payoff in that state and summing the results. The drawback of this...
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This article tests the performance of the mean-variance approximations to non-expected utility functions. Previous studies justify mean-variance analysis only in the context of expected utility theory by demonstrating the excellent empirical performance of the mean-variance approximations to two of the commonly used utility functions in the study of expected utility: the power and exponential u...
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ژورنال
عنوان ژورنال: Cognitive, Affective, & Behavioral Neuroscience
سال: 2008
ISSN: 1530-7026,1531-135X
DOI: 10.3758/cabn.8.4.363