The Expected Utility of Movement

نویسندگان

  • Julia Trommershäuser
  • Laurence T. Maloney
  • Michael S. Landy
چکیده

Acknowledgments: We thank Paul Glimcher for his comments on an earlier draft of this manuscript.

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Choosing the Optimum Underground Mine Layout with Regard to Metal Price Uncertainty Using Expected Utility Theory

Metal price is one of the most important parameters in the calculation of cut- off grade. The cut- off grade has the main role in determination of mine layout. Mine layout actuates mineable reserve, mine life and economic profitability. Not considering the uncertainty in metal prices can lead to a non-optimal layout. In this paper optimum underground mine layout is determined by expected utilit...

متن کامل

A Study on Preference Orderings of Mathematical expectation, Expected Utility and Distorted Expectation

One of the challenges for decision-makers in insurance and finance is choosing the appropriate criteria for making decisions. Mathematical expectation, expected utility, and distorted expectation are the three most common measures in this area. In this article, we study these three criteria, and by providing some examples, we review and compare the decisions made by each measure.

متن کامل

Rational Choice Theory: A Cultural Reconsideration

Economists have heralded the formulation of the expected utility theorem as a universal method of choice under uncertainty. In their seminal paper, Stigler and Becker (Stigler & Becker, 1977) declared that “human behavior can be explained by a generalized calculus of utility-maximizing behavior” (p.76). The universality of the rational choice theory has been widely criticized by psychologists, ...

متن کامل

Risk premiums and certainty equivalents of loss-averse newsvendors of bounded utility

Loss-averse behavior makes the newsvendors avoid the losses more than seeking the probable gains as the losses have more psychological impact on the newsvendor than the gains. In economics and decision theory, the classical newsvendor models treat losses and gains equally likely, by disregarding the expected utility when the newsvendor is loss-averse. Moreover, the use of unbounded utility to m...

متن کامل

Attitudes of Iranians toward the Becker Proposition

This paper evaluates attitudes of Iranians toward crossing red traffic lights and their sensitivity to fines. Economic theory of crime under expected utility predicts that because of the possibility of severe punishments, risk adverse individuals would not cross red lights. This is implied by the Becker proposition. However, among 262 individuals surveyed, more than half of the sample has previ...

متن کامل

Hedonic Pricing under Uncertainty: A Theoretical Consumer Behavior Model

A model of consumer behavior has been formulated by using an additive utility function and the hedonic pricing approach, in a virtual market. Since, there is a time lag between ordering and purchasing products (goods and services) online and receiving them, it means the consumer makes decision under uncertainty. The level of satisfaction with products with distinctive characteristics is describ...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

عنوان ژورنال:

دوره   شماره 

صفحات  -

تاریخ انتشار 2007