منابع مشابه
Are decisions under risk malleable?
Human decision making under risk and uncertainty may depend on individual involvement in the outcome-generating process. Expected utility theory is silent on this issue. Prospect theory in its current form offers little, if any, prediction of how or why involvement in a process should matter, although it may offer ex post interpretations of empirical findings. Well-known findings in psychology ...
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We deal with risk versus uncertainty, a distinction that is of fundamental importance for cognitive neuroscience yet largely neglected. In a world of risk ("small world"), all alternatives, consequences, and probabilities are known. In uncertain ("large") worlds, some of this information is unknown or unknowable. Most of cognitive neuroscience studies exclusively study the neural correlates for...
متن کاملEngineering Decisions under Risk - Averseness ∗
Engineering decisions are invariably made under substantial uncertainty about current and future system cost and response, including cost and response associated with low-probability, highconsequence events. A risk-neutral decision maker would rely on expected values when comparing designs, while a risk-averse decision maker might adopt nonlinear utility functions or failure probability criteri...
متن کاملHow Malleable are Risk Preferences and Loss Aversion?
We estimate risk aversion and loss aversion for 550 experimental participants using the Multiple Price List elicitation method. On each screen of the experiment, participants make seven binary choices between a prospect that is held xed and a sequence of seven (sure-thing) alternative outcomes. In a between-subject design, the set of alternative outcomes is varied by holding the lowest and hig...
متن کاملOptimal positive thinking and decisions under risk
We examine a static one-riskfree-one-risky asset portfolio choice when the investor’s well-being is affected by the anticipatory feelings associated to potential capital gains and losses. These feelings can be manipulated by the choice of subjective beliefs on the distribution of returns. However, the bias of these endogeneous subjective beliefs induces the choice of a portfolio that is subopti...
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ژورنال
عنوان ژورنال: Proceedings of the National Academy of Sciences
سال: 1999
ISSN: 0027-8424,1091-6490
DOI: 10.1073/pnas.96.19.10927