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What Naive Decision Makers can Tell us about Risk
16 references·2 citing·25 second hop
What Naive Decision Makers can Tell us about Risk (1986)What Naive Decision Makers can Tell us ab…Theory of games and economic behavior (2019)Theory of games and economic …Prospect theory: An analysis of decision under risk (1988)Prospect theory: An analysis …"Expected Utility" Analysis without the Independence Axiom (1982)"Expected Utility" Analysis w…Prospect Theory: An Analysis of Decision under Risk (1979)Prospect Theory: An Analysis …Expected Utility Hypotheses and the Allais Paradox (1979)Expected Utility Hypotheses a…Behavioral Decision Theory (1977)Behavioral Decision TheoryThe Economics of Inequality. (1976)The Economics of Inequality.Risk Aversion in the Small and in the Large (1976)Risk Aversion in the Small an…Response-Induced Reversals of Preference in Gambling: An Extended Replication in Las Vegas (1972)Response-Induced Reversals of…Essays in the Theory of Risk-Bearing. (1972)Essays in the Theory of Risk-…Reversals of preference between bids and choices in gambling decisions. (1971)Reversals of preference betwe…A Theory of Justice (1971)A Theory of JusticeRelative importance of probabilities and payoffs in risk taking. (1968)Relative importance of probab…Risk Aversion in the Small and in the Large (1964)Risk Aversion in the Small an…Theory of Games and Economic Behavior (1946)Theory of Games and Economic …A theory of justice original editionA theory of justice original …Mixture independence foundations for expected utility (2024)Mixture independence foundati…Source and rank-dependent utility (2022)Source and rank-dependent uti…Risk, Ambiguity, and the Savage Axioms (1961)Judgment under Uncertainty: Heuristics and Biases (1975)Exploration and Exploitation in Organizational Learning (1991)Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance (2007)Moral Hazard and Observability (1979)The New Institutional Economics: Taking Stock, Looking Ahead (2000)Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility (1980)Development of prosocial, individualistic, and competitive orientations: Theory and preliminary evidence. (1997)Political Choice in Britain (2004)Toward a positive theory of consumer choice (1980)The Framing of Decisions and the Psychology of Choice (1981)Confirmation Bias: A Ubiquitous Phenomenon in Many Guises (1998)Non-cooperative games (1989)Financial Intermediation and Delegated Monitoring (1984)Well-being : the foundations of hedonic psychology (1999)Advances in prospect theory: Cumulative representation of uncertainty (1992)Why Some Things Should Not Be for Sale (2010)Ideal vs. Non‐ideal Theory: A Conceptual Map (2012)Distributive justice and equity in transportation (2016)11. Reasons and Persons (1986)Organizational Justice: Yesterday, Today, and Tomorrow (1990)Misery Loves Companies: Rethinking Social Initiatives by Business (2003)On the measurement of inequality (1970)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The arbitrage theory of capital asset pricing (1976)
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References

  • 1979Prospect Theory: An Analysis of Decision under Risk48,459 cited
  • 1988Prospect theory: An analysis of decision under risk32,475 cited
  • n.d.A theory of justice original edition24,876 cited
  • 2019Theory of games and economic behavior16,630 cited
  • 1971A Theory of Justice9,452 cited
  • 1964Risk Aversion in the Small and in the Large4,964 cited
  • 1976Risk Aversion in the Small and in the Large4,655 cited
  • 1972Essays in the Theory of Risk-Bearing.3,991 cited
  • 1946Theory of Games and Economic Behavior3,280 cited
  • 1977Behavioral Decision Theory1,731 cited
  • 1971Reversals of preference between bids and choices in gambling decisions.1,571 cited
  • 1982"Expected Utility" Analysis without the Independence Axiom1,518 cited
  • 1976The Economics of Inequality.629 cited
  • 1972Response-Induced Reversals of Preference in Gambling: An Extended Replication in Las Vegas593 cited
  • 1979Expected Utility Hypotheses and the Allais Paradox590 cited
  • 1968Relative importance of probabilities and payoffs in risk taking.564 cited

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  • 2022Source and rank-dependent utility5 cited
  • 2024Mixture independence foundations for expected utility2 cited