نتایج جستجو برای: risk averse behavior
تعداد نتایج: 1513126 فیلتر نتایج به سال:
Theoretically, given a choice over two risky assets with equivalent expected returns, a risk averse expected utility maximizer should choose the second-order stochastically dominant asset. We develop a theoretical framework that allows for decision error, which should decrease in risk aversion. We conduct an experiment using a risk preference elicitation mechanism to identify risk averse indivi...
We consider risk-averse formulations of multistage stochastic linear programs. For these formulations, based on convex combinations of spectral risk measures, risk-averse dynamic programming equations can be written. As a result, the Stochastic Dual Dynamic Programming (SDDP) algorithm can be used to obtain approximations of the corresponding risk-averse recourse functions. This allows us to de...
In premium auctions, the highest losing bidder receives a reward from the seller. This paper studies the English premium auction (EPA) for the canonical case of symmetric private values with risk averse and risk loving bidders. We explicitly derive the symmetric equilibrium for bidders with CARA utilities and conduct an experimental study to test the theoretical predictions. In our experiment, ...
We consider how the demand for esteem shapes risk-taking behavior. When individuals care about what other people think of them, and gambles are bundled with esteem, they may be especially risk-averse with respect to losses and risk-loving with respect to gains. We consider the implications of this postulate for labor markets, wage stickiness, high powered incentives, search, and related issues....
We study risk aversion and prudence in medical treatment decisions. In a laboratory experiment, we investigate the frequency and intensity of secondand third-order risk preferences, as well as the eff ect of the medical decision context. Risk preferences are assessed through treatment thresholds (the indiff erence point between not treating and treating). Under diagnostic risk, medical decision...
This paper considers a two-echelon supply chain consisting of supplier and capital-constrained retailer. Both the retailer are risk-averse decision makers. The may adopt two mixed financing modes: (1) bank credit equity (BEF) (2) trade (TEF). Using mean-variance framework, we analyze members ordering decisions in cases: symmetric asymmetric risk aversion threshold information. In case informati...
This paper examines a single-period inventory problem with random capacity and demand, where the loss-averse preference is adopted to describe the newsvendor’s decision-making behavior. When the loss-averse newsvendor orders, the supplier has some random replenishment capacity. He will choose an order quantity to maximize his expected utility. The newsvendor’s optimal ordering policy is obtaine...
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