This paper presents a new approach to decision-making under risk. Preference over risky prospects is defined as a triadic reference-dependent relation in a sense similar to Sugden (2003). Characterized by a set of von Neumann-Morgenstern-style axioms, a new reference-dependent representation theory – called compound utility theory (CUT) – is obtained which accommodates nonlinear preferences (in...

Current status and future prospects of the structure functions and parton distribution studies are presented.

In many theories of decision under risk (e.g., expected utility theory, rank-dependent utility theory, and prospect theory), the utility of a prospect is independent of other options in the choice set. The experiments presented here show a large effect of the available options, suggesting instead that prospects are valued relative to one another. The judged certainty equivalent for a prospect i...

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Would domestic terrorists use biological weapons?1 The conventional wisdom among experts has been that terrorists “want a lot of people watching, not a lot of people dead” and are unlikely to turn to weapons of mass destruction.2 A new school of thought proposes that improved technology has made biological attacks resulting in hundreds of thousands or millions of deaths all but inevitable. Whil...

Whether we like it or not we face risk every day of our lives. From selecting a route home from work to selecting a mate, we rarely know in advance and with certainty what the outcome of our decisions will be. Thus, we are forced to make tradeoffs between the attractiveness (or unattractiveness) of potential outcomes and their likelihood of occurrence. The lay conception of risk is associated w...

Kohl, since antiquity has always been given a prime importance in ophthalmology for the protection and treatment of various eye ailments. However, for decades various conflicting reports in the literature have been published relating to Kohl application to eyes being responsible for causing higher blood lead concentration, which may cause lead poisoning. While at the same time, a number of rese...

 Received transportation to and from the campus in excess of my actual round-trip transportation costs on a direct route between my home (or site of my athletics competition or educational institution) and the institution’s campus for an official visit;  Any knowledge that my friends or relative received reimbursement or cost-free transportation or travel expenses for the visit;  Received tr...

We study asset prices in an economy where investors derive direct utility not only from consumption but also from uctuations in the value of their Žnancial wealth. They are loss averse over these uctuations, and the degree of loss aversion depends on their prior investment performance. We Žnd that our framework can help explain the high mean, excess volatility, and predictability of stock ret...