Data Dispersion in Economics (I) - Possibility of Restrictions

Alexander Harin

7 citations0/0 files storedRePEc: Research Papers in Economics

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Decision-Making and Behavioral Economics Probability and Statistical Research Economic theories and models

Abstract

The article is devoted to data dispersion in economics. The state of the art and the problems of the utility theory are briefly reviewed. Examples of typical paradoxes, which are analyzed by the utility theory, are given. Analogous paradoxes may concern problems such as the underweighting of high and the overweighting of low probabilities, risk aversion, the equity premium puzzle, etc. Introductory examples of the restrictions near the boundaries of finite numerical segments and of the probability scale are considered and analyzed.

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References

1988Prospect theory: An analysis of decision under risk 2019Theory of games and economic behavior 1961Risk, Ambiguity, and the Savage Axioms 1953Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine 1954Exposition of a New Theory on the Measurement of Risk 1992Anomalies in Intertemporal Choice: Evidence and an Interpretation 1998The Probability Weighting Function 2007The Expected Utility Model: Its Variants, Purposes, Evidence and Limitations

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2013Data dispersion near the boundaries: can it partially explain the problems of decision and utility theories?2013Data Dispersion Near the Boundaries: Is It the Key to the Problems of Decision and Utility Theories?2015Is Prelec's function discontinuous at p = 1? (for the Einhorn Award of SJDM)2015\Luce problem" and discontinuity of Prelec's function at p = 1

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