The Knowledge Ahead Approach to Risk (häftad)
Häftad (Paperback / softback)
Antal sidor
2007 ed.
Springer-Verlag Berlin and Heidelberg GmbH & Co. K
Leitner, Johannes / Leopold-Wildburger, Ulrike
37 Tab 51 Fig
37 Tables, black and white; 51 Illustrations, black and white; XVI, 232 p. 51 illus.
236 x 160 x 14 mm
386 g
Antal komponenter
1 Paperback / softback
The Knowledge Ahead Approach to Risk (häftad)

The Knowledge Ahead Approach to Risk

Theory and Experimental Evidence

Häftad Engelska, 2006-11-01
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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.
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From the reviews: "While most approaches to risk ignore the time dimension, Pope, Leitner, and Leopold-Wildburger distinguish between primary and secondary satisfactions. ... The book may be suitable for senior undergraduate and graduate students, in addition to practitioners and researchers ... . It can serve to initiate researchers and students into experiments and how experimental results can serve to test and develop theories." (Kjell Hausken, Theory and Decision, Vol. 62, 2007)


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.