Titlebook: Experiments on Decisions under Risk: The Expected Utility Hypothesis; Paul J. H. Schoemaker Book 1980 Springer Science+Business Media Dord

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Wilhelm Bauer,Stefan Rief,Mitja Jurecicadvises which alternative to select in complex decision situations on the basis of one’s . taste and preferences about risk and the intrinsic value of the attribute(s) under consideration. Both of these elements are captured through a utility function so that maximizing expected utility becomes the

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https://doi.org/10.1007/978-3-030-77371-7 affects choices. We also found that statistical knowledge has an effect on whether people base their decisions on intuition or calculation. Those who were familiar with statistics (particularly such concepts as expected value, random variable, and expected utility theory) were significantly more ca

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Energy Efficient System Architectures,in the loss domain. The second involves the influence that a gamble’s context or presentation exerts on revealed risk-taking attitudes. These questions were examined through an experimental design in which probabilities, probabilistic losses, and premiums were systematically varied (see Table 7.1 an

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https://doi.org/10.1007/978-94-017-5040-0European Union (EU); information; insurance; probability; research; utility; utility theory

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https://doi.org/10.1007/978-3-658-39367-0The objective of this introductory chapter is to provide an overview of the domain, the methodology, and the organization of this book. The research reported here represents an exploration along the boundaries between economics and psychology, focusing on questions of value, risk, and preference.

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