This paper characterizes the conditions for risk aversion in cumulative prospect theory where risk aversion is defined in the strong sense of Rothschild and Stiglitz (1970). Under weaker assumptions than differentiability we show that risk aversion implies convex weighting functions for gains and for losses but not necessarily a concave utility function. Also, we investigate the exact relations...

Pest risk maps are an important source of decision support when devising strategies to minimize introductions of invasive organisms and mitigate their impacts. When possible management responses to an invader include costly or socially sensitive activities, decision makers tend to follow a more certain (i.e. risk-averse) course of action. We present a new mapping technique that assesses pest in...

The paper extends a dynamic version of the classical von NeumannMorgenstern setting to incorporate a degree of confidence in or subjectivity of probabilistic beliefs. It provides a simple axiomatic characterization of a new preference representation that addresses ambiguity from a simple perspective, employing only basic tools from risk analysis. Conceptually, the paper renders the concept of s...

Risk aversion is one of the major impediments to entrepreneurship, and survival growth startups in developing world. Female entrepreneurs portray even a higher risk averse attitude regarding starting new businesses or introducing business lines their existing businesses. The intention this study explore strategies that can be employed reduce among female entrepreneurs. A qualitative research me...

Excessive discounting of future rewards has been related to a variety of risky behaviors and adverse clinical conditions. Prior work examining delay discounting in schizophrenia suggests an elevated discount rate. However, it remains uncertain whether this reflects the disease process itself or an underlying genetic vulnerability, whether it is selective for delay discounting or reflects pervas...