Ever since von Neumann and Morgenstern published the axiomisation of Expected Utility Theory, there have been a considerable amount of observations appeared in the literature violating the expected utility theory. To make decisions under uncertainty, people generally separate possible outcomes into gains and losses. They are risk averse for gains but risk seeking for losses with very large prob...

todays, productivity and efficiency of irrigation have been in the center of the many water-related issues. by using sprinkler irrigation systems in addition to watering easier and automatic, that is a device for raising water application uniformity and efficiency which ultimately will save water consumption and production increase. in this study, four fixed irrigation systems of khorramabad ci...

Many philosophers assume that, when making moral decisions under uncertainty, we should choose the option that has greatest expected value, regardless of how risky it is. But their arguments for maximizing value do not support over rival, risk-averse approaches. In this paper, I present a novel argument value: think about larger series each decision is part of, all but most agents would prefer ...

This paper proposes improvements to advanced measurement approach (AMA) to estimating operational risks, and applies the improved methods to US business losses categorised into five business lines and three event types operational losses. The AMA involves, among others, modelling a loss severity distribution and estimating the Expected Loss and the 99.9% operational value-at-risk (OpVaR). These...

The purpose of this study was to examine the expected returns of Carhart model compared to the capital asset pricing model and the implicit capital cost model based on cash and capital returns of growth and value stocks. The statistical population consisted of the companies listed in Tehran Stock Exchange and the time domain is between 2007 and 2016. By choosing Cochran sampling, 126 companies ...

We report a preliminary study that compared decisions made in an oxygen depleted environment with those made in a normoxic environment. Participants were presented with a series of choices that involved either losses or gains. For each choice they were forced to choose between a sure thing and a gamble of the same expected value. For choices involving losses, participants were more risk seeking...