de Travail du Centre d ’ Economie
نویسندگان
چکیده
This paper proposes an experiment about the attitude toward probabilities on a population of portfolio managers. Its aim is to check whether or not portfolio managers are neutral toward probabilities. Meanwhile, it presents a experimental protocole that highlights an inconsistency between two experimental techniques. It also introduces a new functional form for the probability weighting function. Results unambiguously show that portfolio managers are not neutral toward probabilities and that they display a strong heterogeneity in their preferences.
منابع مشابه
de Travail du Centre d ’ Economie de la Sorbonne Decision theory under uncertainty
We review recent advances in the field of decision making under uncertainty or ambiguity.
متن کاملde Travail du Centre d ’ Economie de la Sorbonne Guilbaud ’ s Theorem : An early contribution to judgment aggregation Daniel ECKERT , Bernard MONJARDET 2009
In a paper published in 1952 the French mathematician Georges-Théodule Guilbaud has generalized Arrows impossibility result to the "logical problem of aggregation", thus anticipating the literature on abstract aggregation theory and judgment aggregation. We reconstruct the proof of Guilbauds theorem, which is also of technical interest, because it can be seen as the rst use of ultra lters in...
متن کاملde Travail du Centre d ’ Economie de la Sorbonne
We establish that an exchange economy, i.e., preferences and endowments, that generates a given aggregate excess demand (AED) function is close to the economy generating the AED obtained by an arbitrary perturbation of the original one.
متن کاملde Travail du Centre d ’ Economie de la Sorbonne Guilbaud ’ s Theorem : An early contribution to judgment aggregation
In a paper published in 1952 the French mathematician Georges-Théodule Guilbaud has generalized Arrows impossibility result to the "logical problem of aggregation", thus anticipating the literature on abstract aggregation theory and judgment aggregation. We reconstruct the proof of Guilbauds theorem, which is also of technical interest, because it can be seen as the rst use of ultra lters in...
متن کاملde Travail du Centre d ’ Economie de la Sorbonne On the value of randomization
An optimal contract may involve randomization when the agents differ in their attitudes towards risk, so that randomization enables the principal to relax the incentive constraints. The paper provides a necessary and sufficient condition for local random deviations to be welfare improving in a neighborhood of a nonrandom optimum. JEL classification numbers: H21, H23, H26.
متن کاملde Travail du Centre d ’ Economie de la Sorbonne On the continuous representation of quasi - concave mappings by their upper level sets Philippe BICH 2009
we provide a continuous representation of quasi-concave mappings by their upper level sets. A possible motivation is the extension to quasi-concave mappings of a result by Ulam and Hyers, which states that every approximately convex mapping can be approximated by a convex mapping. Keyword: quasi-concave, upper level set AMS classification: 47N10
متن کامل