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Author: Daniel Kahneman
Publisher: Cambridge University Press
ISBN: 1107651069
Category : Psychology
Languages : en
Pages : 864
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Book Description
This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice. Building on the 1982 volume, Judgement Under Uncertainty, this book brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the late Amos Tversky, whose contributions are collected here for the first time. While remaining within a rational choice framework, prospect theory delivers more accurate, empirically verified predictions in key test cases, as well as helping to explain many complex, real-world puzzles. In this volume, it is brought to bear on phenomena as diverse as the principles of legal compensation, the equity premium puzzle in financial markets, and the number of hours that New York cab drivers choose to drive on rainy days. Theoretically elegant and empirically robust, this volume shows how prospect theory has matured into a new science of decision making.
Author: Daniel Kahneman
Publisher: Cambridge University Press
ISBN: 1107651069
Category : Psychology
Languages : en
Pages : 864
Get Book Here
Book Description
This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice. Building on the 1982 volume, Judgement Under Uncertainty, this book brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the late Amos Tversky, whose contributions are collected here for the first time. While remaining within a rational choice framework, prospect theory delivers more accurate, empirically verified predictions in key test cases, as well as helping to explain many complex, real-world puzzles. In this volume, it is brought to bear on phenomena as diverse as the principles of legal compensation, the equity premium puzzle in financial markets, and the number of hours that New York cab drivers choose to drive on rainy days. Theoretically elegant and empirically robust, this volume shows how prospect theory has matured into a new science of decision making.
Author: Robert Little Smith
Publisher:
ISBN:
Category : Choice of transportation
Languages : en
Pages : 68
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Book Description
Author: Planning and Transport Research and Computation Co
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
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Book Description
Author: Kenneth P. Burnham
Publisher: Springer Science & Business Media
ISBN: 0387224564
Category : Mathematics
Languages : en
Pages : 512
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Book Description
A unique and comprehensive text on the philosophy of model-based data analysis and strategy for the analysis of empirical data. The book introduces information theoretic approaches and focuses critical attention on a priori modeling and the selection of a good approximating model that best represents the inference supported by the data. It contains several new approaches to estimating model selection uncertainty and incorporating selection uncertainty into estimates of precision. An array of examples is given to illustrate various technical issues. The text has been written for biologists and statisticians using models for making inferences from empirical data.
Author: Petko Kusev
Publisher: Frontiers E-books
ISBN: 2889190560
Category : Risk-taking (Psychology)
Languages : en
Pages : 69
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Book Description
"There are different views on what preferences for risks are and whether they are indicators of stable, underlying generic cognitive systems. Preferences could be conceived as an attitude towards a set of properties of context, memory and affect - a gauge of how much uncertainty one is willing to tolerate. This Research Topic aims to initiate a discussion on the stability of preferences for risks - as research has shown that different decision domains, response modes, and framing facilitate preference reversals. A consistent claim from behavioural decision researchers is that, contrary to the assumptions of classical economics, preferences are not stable and inherent constructs in individuals but are modified by levels of accessibility in memory, context, decision complexity, and type of psychological processing (e.g., sampling or computational "trade-offs" in processing). For example, in a sampling-based decision-making paradigm it is argued that preferences are not essential for making risky decisions. The existing theoretical and empirical evidence reveals that human preferences are relative and unstable, undermining the predictions of normative theory. Recent theoretical accounts in psychology have expanded the debate further by offering evolutionary models of decision-making under risk. While most of the researcher has explored optimisation goals (traditionally assumed in economics), evolutionary psychology has promoted adaptation-driven processes for risky choices. Moreover, we have witnessed a renaissance of preferences as affect rather than as a construct with psycho-economical properties. Although behavioural decision research is still engaged in challenging the foundation of economic theory, at present, opinions seem less unified as to whether preferences reflect common psychological constructs. The Research Topic will focus on human preferences and risky choices. Topics include: Normative, descriptive and experience-based decision making, Preference reversals, Accessibility in memory, Context dependence, Psychological processing (including i) probabilities, utilities, computations and 'trade-offs', and ii) sampling), Affect, and Evolutionary accounts." -- Provided by publisher.
Author: A. L. Davies
Publisher:
ISBN:
Category : Choice of transportation
Languages : en
Pages : 64
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Book Description
Author: European Conference of Ministers of Transport
Publisher: OECD Publishing
ISBN: 928210589X
Category :
Languages : en
Pages : 112
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Book Description
This Round Table examines changes in freight transport users' motivation for modal choice and includes reports from Austria, Germany, the Netherlands and Sweden.
Author: Samuel Bowles
Publisher: Oxford University Press
ISBN: 0198843208
Category : Macroeconomics
Languages : en
Pages : 1068
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Book Description
Bowles and Halliday capture the intellectual excitement, analytical precision, and policy relevance of the new microeconomics that has emerged over the past decades. Drawing on themes of the classical economists from Smith through Marx and 20th century writers - including Hayek, Coase, and Arrow - the authors use twenty-first century analytical methods to address enduring challenges in economics. The subtitle of the work - Competition, conflict, and coordination - signals their focus on how the institutions of a modern capitalist economy work, introducing students to recent developments in the microeconomics of credit and labor markets with asymmetric information, a dynamic analysis of how firms compete going beyond price taking, as well as bargaining over the gains from exchange, social norms, and the exercise of power. The new benchmark model proposed by Bowles and Halliday is based on an empirical approach to economic actors and problems. They start from the premise that contracts are incomplete, and that as a result market failures, rather than being a special case illustrated by environmental spillovers, are to be expected in markets for labor, credit, knowledge and throughout the economy. They explain how experiments show that human motivations include ethical as well as other-regarding preferences (rather than entirely self-interested) and explain why the technologies of knowledge-based economies are a source of winner-take-all rather than stable competition. The authors also consider the intrinsic limits of mechanism design and governmental interventions in the economy. Teaching recent developments in microeconomic theory allows the authors to provide students with the tools to analyze and engage in informed debate on the issues that concern them most: climate change, inequality, innovation, and epidemic spread. Tradeoffs are highlighted by providing models in which capitalism can be seen as an "innovation machine" that raises material living standards on average, while at the same time sustaining levels of inequality that many find to be unfair. Digital formats and resources This title is available for students and institutions to purchase in a variety of formats and is supported by online resources. The e-book offers a mobile experience and convenient access to a variety of features that offer extra learning support. It allows students to engage in self-assessment activities, watch video material that further explains figures and mathematics, and offers the opportunity to work with interactive graphs to understand how the models work. Drawing on the authors' decades of teaching the new microeconomics, this title is supported by a range of online resources for students and lecturers including multiple-choice-questions with instant feedback, further mathematical and discussion-based questions, a fully customizable test bank for lecturer use, PowerPoint slides to accompany each chapter, worksheets that can be assigned to the class, and answers to the problems set in the book.
Author: Stephane Hess
Publisher: Edward Elgar Publishing
ISBN: 1800375638
Category : Business & Economics
Languages : en
Pages : 797
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Book Description
This thoroughly revised second edition Handbook provides an authoritative and in-depth overview of choice modelling, covering essential topics range from data collection through model specification and estimation to analysis and use of results. It aptly emphasises the broad relevance of choice modelling when applied to a multitude of fields, including but not limited to transport, marketing, health and environmental economics.
Author: Türkmen Göksel
Publisher: BoD – Books on Demand
ISBN: 1789843952
Category : Mathematics
Languages : en
Pages : 166
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Book Description
Since data grows faster than ever, the role of statistics becomes more and more crucial nowadays, and there is no doubt that statistics will be even more critical in the future. The application of statistics is extensive, and in our daily lives there is almost no human activity where the use of statistics is not needed. In this limited volume, we try to cover as many as different and multidisciplinary fields in statistics as possible and aim to present recent developments and applications of statistical analysis. Therefore, this book is organized into three sections: "The Role of Statistics on Quantification," "Applications of Statistics on Economics and Development," and "Applications of Statistics on Various Topics."
