The Knowledge Ahead Approach to Risk

Name: The Knowledge Ahead Approach to Risk
Author: Robin Pope

Theory and Experimental Evidence

Paperback Engels 2006 2007e druk 9783540384724

60,99

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Samenvatting

This book is written for those seeking a decision theory appropriate for use in serious choices such as insurance. It employs stages of knowledge ahead to track satisfactions and dissatisfactions. From experimental and questionnaire data, people take into account such stages of knowledge ahead satisfactions and dissatisfactions. This means we must go beyond standard decision theories like expected utility or cumulative prospect theory.

Specificaties

ISBN13:9783540384724

Taal:Engels

Bindwijze:paperback

Aantal pagina's:232

Uitgever:Springer Berlin Heidelberg

Druk:2007

Hoofdrubriek:Economie, Inkoop en logistiek

Serie:Lecture Notes in Economics and Mathematical Systems

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Inhoudsopgave

Theory and Methodology.- A Serious Specific Scenario for a Serious Risky Choice Theory.- What Expected Utility Theory Really Is: What Its Notion of Risk Aversion Excludes.- Primary and Secondary Satisfactions.- The von Neumann-Morgenstern Contradiction When Including Secondary Satisfactions Solved with Stages of Knowledge.- Material Secondary Satisfactions and Planning.- Misconceptions About Secondary Satisfactions.- Biases in Experimental Set-ups That Ignore Secondary Satisfactions.- SKAT, The Stages of Knowledge Ahead Theory.- Self Reports Versus Scientists’ Own Introspection and Related Reliability Issues.- Experiments.- Participants and Their Choices.- Willingness to Pay Compared with Choices in a Dictated Choice Set.- The Role of Secondary Satisfactions.- Algorithms Versus Global Maximising Procedures.- Insurance Provision by Governments and Firms.- Summary and Directions for Further Research.