Boundedly Rational Expectations In Insurance Decision Making
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Author | : Howard C. Kunreuther |
Publisher | : Cambridge University Press |
Total Pages | : 343 |
Release | : 2013-01-28 |
Genre | : Business & Economics |
ISBN | : 0521845726 |
This book examines the behavior of individuals at risk and insurance industry policy makers involved in selling, buying and regulation.
Author | : Leonard C. MacLean |
Publisher | : World Scientific |
Total Pages | : 941 |
Release | : 2013 |
Genre | : Business & Economics |
ISBN | : 9814417351 |
This handbook in two parts covers key topics of the theory of financial decision making. Some of the papers discuss real applications or case studies as well. There are a number of new papers that have never been published before especially in Part II.Part I is concerned with Decision Making Under Uncertainty. This includes subsections on Arbitrage, Utility Theory, Risk Aversion and Static Portfolio Theory, and Stochastic Dominance. Part II is concerned with Dynamic Modeling that is the transition for static decision making to multiperiod decision making. The analysis starts with Risk Measures and then discusses Dynamic Portfolio Theory, Tactical Asset Allocation and Asset-Liability Management Using Utility and Goal Based Consumption-Investment Decision Models.A comprehensive set of problems both computational and review and mind expanding with many unsolved problems are in an accompanying problems book. The handbook plus the book of problems form a very strong set of materials for PhD and Masters courses both as the main or as supplementary text in finance theory, financial decision making and portfolio theory. For researchers, it is a valuable resource being an up to date treatment of topics in the classic books on these topics by Johnathan Ingersoll in 1988, and William Ziemba and Raymond Vickson in 1975 (updated 2 nd edition published in 2006).
Author | : Herbert Alexander Simon |
Publisher | : MIT Press |
Total Pages | : 486 |
Release | : 1997 |
Genre | : Decision making |
ISBN | : 9780262193726 |
Offering alternative models based on such concepts as satisficing (acceptance of viable choices that may not be the undiscoverable optimum) and bouded rationality (the limited extent to which rational calculation can direct human behaviour), Simon shows why more empirical research based on experiments and direct observation, rather than just statistical analysis of economic aggregates, is needed.
Author | : Ran Spiegler |
Publisher | : Oxford University Press |
Total Pages | : 269 |
Release | : 2011-02-18 |
Genre | : Business & Economics |
ISBN | : 0199924236 |
Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of “boundedly rational” consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points. Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years. Thus, Bounded Rationality and Industrial Organization offers a welcome and crucial new understanding of market behavior-it challenges conventional wisdom in ways that are interesting and economically significant, and which in the end effect the well-being of all market participants.
Author | : Daniel Kahneman |
Publisher | : |
Total Pages | : 27 |
Release | : 1979 |
Genre | : Utility theory |
ISBN | : |
Author | : Univ Of Chicago |
Publisher | : Mit Press |
Total Pages | : 336 |
Release | : 1997-07 |
Genre | : Business & Economics |
ISBN | : 9780262519434 |
Offering alternative models based on such concepts as satisficing(acceptance of viable choices that may not be the undiscoverableoptimum) and bounded rationality (the limited extent to which rationalcalculation can direct human behavior), Simon shows concretely whymore empirical research based on experiments and direct observation, rather than just statistical analysis of economic aggregates, isneeded.
Author | : B. Guy Peters |
Publisher | : Springer |
Total Pages | : 220 |
Release | : 2016-05-25 |
Genre | : Political Science |
ISBN | : 1137504943 |
This book considers a range of contemporary approaches to public policy studies. These approaches are based on a number of theoretical perspectives on decision-making, as well as alternative perspectives on policy instruments and implementation. The range of approaches covered in the volume includes punctuated equilibrium models, the advocacy-coalition framework, multiple streams approaches, institutional analyses, constructivist approaches, behavioural models, and the use of instruments as an approach to public policy. The volume concludes with a discussion of fundamental issues of democracy in public policy.
Author | : Gerd Gigerenzer |
Publisher | : MIT Press |
Total Pages | : 404 |
Release | : 2002-07-26 |
Genre | : Business & Economics |
ISBN | : 9780262571647 |
In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents with perfect information and unlimited time. About forty years ago, Herbert Simon challenged this view with his notion of "bounded rationality." Today, bounded rationality has become a fashionable term used for disparate views of reasoning. This book promotes bounded rationality as the key to understanding how real people make decisions. Using the concept of an "adaptive toolbox," a repertoire of fast and frugal rules for decision making under uncertainty, it attempts to impose more order and coherence on the idea of bounded rationality. The contributors view bounded rationality neither as optimization under constraints nor as the study of people's reasoning fallacies. The strategies in the adaptive toolbox dispense with optimization and, for the most part, with calculations of probabilities and utilities. The book extends the concept of bounded rationality from cognitive tools to emotions; it analyzes social norms, imitation, and other cultural tools as rational strategies; and it shows how smart heuristics can exploit the structure of environments.
Author | : William J. Congdon |
Publisher | : Brookings Institution Press |
Total Pages | : 260 |
Release | : 2011 |
Genre | : Business & Economics |
ISBN | : 0815704984 |
Argues that public finance--the study of the government's role in economics--should incorporate principles from behavior economics and other branches of psychology.
Author | : Jean-Michel Grandmont |
Publisher | : |
Total Pages | : 520 |
Release | : 1988 |
Genre | : Equilibrium (Economics). |
ISBN | : |
The collection of journal articles reproduced in this volume provides a synthesis of the progress made in the last 15 years in the theory of temporary equilibrium. Key Features * Decision making * Competitive assets markets * Models of money * Deterministic dynamics * Stochastic processes * Quantity rationing