Distorted Risk Measures with Application to Military Capability Shortfalls'
نویسنده
چکیده
We consider the problem of selecting an appropriate distortion function and associated parameters to account for rare but catastrophic events that may result from a shortfall of military or security capabilities. Additionally, we describe the means by which a decision maker may allocate resources, subject to a finite budget constraint, while considering the impact of the risk of such shortfalls. The optimal decision is shown to be sensitive to the decision maker's level of risk aversion.
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