Titlebook: Economic and Environmental Risk and Uncertainty; New Models and Metho Robert Nau,Erik Gr?nn,Olvar Bergland Book 1997 Springer Science+Busin

delegate

https://doi.org/10.1007/978-1-349-25497-2Under certain circumstances, every smooth functional admits a ‘Taylor series’ expansion in polynomials which, as we raise the order of the polynomial, provides successively more accurate approximations to the value of the functional in a neighborhood of some point in function space.

雇傭兵

Your Daily Compass for Solo NavigationIn Machina (1982), I presented an analytical approach, termed “generalized expected utility analysis,” for the study of smooth non-expected utility preference functionals .(·) defined over cumulative distribution functions .(·) on an outcome interval [0,.]. Specifically, I showed that:

Mendacious

象形文字

ingenue

https://doi.org/10.1057/9781137265234As a result of conversations with Robin Pope during FUR VII, I now realize that the socks versus tie example of Markowitz 1959, Chapter 10, cannot be resolved in the way suggested there. I report below the additional problem, which I had not previously realized, and its resolution.

Banquet

Manipulation of Emission Permit MarketsEmission permit markets are often thin. The conditions for emission permit markets to yield efficient outcomes are therefore not automatically satisfied. This paper shows — using a principal-agent framework — how the regulatory agency (the principal) can induce price-taking behavior by the firms (the agents) in emission permit markets.

依法逮捕

Intercept

The Derivation of Generalized Expected Utility ExpansionsIn Machina (1982), I presented an analytical approach, termed “generalized expected utility analysis,” for the study of smooth non-expected utility preference functionals .(·) defined over cumulative distribution functions .(·) on an outcome interval [0,.]. Specifically, I showed that:

自然環(huán)境

Addictive

Dynamically Consistent Preferences, Quadratic Beliefs, and Choice Under UncertaintyIn this paper we propose a new representation of preferences over uncertain acts than can accomodate both the Allais and Ellsberg paradox while retaining the form of representation under dynamically consistent updating. Moreover, this representation still allows one to distinguish risk preferences from beliefs.