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Prospect Theory
Prospect Theory: For Risk and Ambiguity, provides a comprehensive and accessible textbook treatment of the way decisions are made both when we have the statistical probabilities associated with uncertain future events (risk) and when we lack them (ambiguity). The book presents models, primarily prospect theory, that are both tractable and psychologically realistic. A method of presentation is chosen that makes the empirical meaning of each theoretical model completely transparent. Prospect theory has many applications in a wide variety of disciplines. The material in the book has been carefully organized to allow readers to select pathways through the book relevant to their own interests. With numerous exercises and worked examples, the book is ideally suited to the needs of students taking courses in decision theory in economics, mathematics, finance, psychology, management science, health, computer science, Bayesian statistics, and engineering.
Measuring Utility
Utility is a key concept in the economics of individual decision-making. However, utility is not measurable in a straightforward way. As a result, from the very beginning there has been debates about the meaning of utility as well as how to measure it. This book is an innovative investigation of how these arguments changed over time. Measuring Utility reconstructs economists' ideas and discussions about utility measurement from 1870 to 1985, as well as their attempts to measure utility empirically. The book brings into focus the interplay between the evolution of utility analysis, economists' ideas about utility measurement, and their conception of what measurement in general means. It also ...
Experimental Economics
Over the past two decades, experimental economics has moved from a fringe activity to become a standard tool for empirical research. With experimental economics now regarded as part of the basic tool-kit for applied economics, this book demonstrates how controlled experiments can be a useful in providing evidence relevant to economic research. Professors Jacquemet and L'Haridon take the standard model in applied econometrics as a basis to the methodology of controlled experiments. Methodological discussions are illustrated with standard experimental results. This book provides future experimental practitioners with the means to construct experiments that fit their research question, and new comers with an understanding of the strengths and weaknesses of controlled experiments. Graduate students and academic researchers working in the field of experimental economics will be able to learn how to undertake, understand and criticise empirical research based on lab experiments, and refer to specific experiments, results or designs completed with case study applications.
Set Functions, Games and Capacities in Decision Making
The book provides a thorough treatment of set functions, games and capacities as well as integrals with respect to capacities and games, in a mathematical rigorous presentation and in view of application to decision making. After a short chapter introducing some required basic knowledge (linear programming, polyhedra, ordered sets) and notation, the first part of the book consists of three long chapters developing the mathematical aspects. This part is not related to a particular application field and, by its neutral mathematical style, is useful to the widest audience. It gathers many results and notions which are scattered in the literature of various domains (game theory, decision, combinatorial optimization and operations research). The second part consists of three chapters, applying the previous notions in decision making and modelling: decision under uncertainty, decision with multiple criteria, possibility theory and Dempster-Shafer theory.
Uncertainty in Economic Theory
This volume brings together important papers, coupled with new introductions, in the massively influential area of uncertainty in economic theory. Seminal papers are available together for the first time in book format, with new introductions and under the steely editorship of Itzhak Gilboa - this book is a useful reference tool for economists all over the globe.
Principles of Financial Economics
This second edition provides a rigorous yet accessible graduate-level introduction to financial economics. Since students often find the link between financial economics and equilibrium theory hard to grasp, less attention is given to purely financial topics, such as valuation of derivatives, and more emphasis is placed on making the connection with equilibrium theory explicit and clear. This book also provides a detailed study of two-date models because almost all of the key ideas in financial economics can be developed in the two-date setting. Substantial discussions and examples are included to make the ideas readily understandable. Several chapters in this new edition have been reordered and revised to deal with portfolio restrictions sequentially and more clearly, and an extended discussion on portfolio choice and optimal allocation of risk is available. The most important additions are new chapters on infinite-time security markets, exploring, among other topics, the possibility of price bubbles.
Democracy and the Politics of Electoral System Choice
This book explores the dynamics of electoral system choice and raises questions about the democratic credentials of the early processes of democratization.
Layered Structure and Reference in a Functional Perspective
This volume contains revised and expanded versions of those papers from the 1990 Functional Grammar Conference in Copenhagen that contributed specifically to the current investigation of clause structure in terms of semantic layers. One of the key concepts in this discussion is 'reference'. Some papers discuss ways in which previous accounts of reference need to be expanded and differentiated to provide a consistent picture of referential properties. The power of layered analysis to bring out fundamental similarities between languages of very different types is the theme of another group of papers, again with the referential properties of constituents playing a central role. By some contributors layered analysis is challenged, and the question is raised as to how it might fit into a dynamic and pragmatic picture of language. The book is rounded off by a comparison between layered structure in Functional Grammar and in Government and Binding Theory.
Betting on Theories
This book is a major new contribution to decision theory, focusing on the question of when it is rational to accept scientific theories. The author examines both Bayesian decision theory and confirmation theory, refining and elaborating the views of Ramsey and Savage. He argues that the most solid foundation for confirmation theory is to be found in decision theory, and he provides a decision-theoretic derivation of principles for how many probabilities should be revised over time. Professor Maher defines a notion of accepting a hypothesis, and then shows that it is not reducible to probability and that it is needed to deal with some important questions in the philosophy of science. A Bayesian decision-theoretic account of rational acceptance is provided together with a proof of the foundations for this theory. A final chapter shows how this account can be used to cast light on such vexing issues as verisimilitude and scientific realism.
Uncertainty in Economic Theory
This volume brings together important papers, coupled with new introductions, in the massively influential area of uncertainty in economic theory. Seminal papers are available together for the first time in book format, with new introductions and under the steely editorship of Itzhak Gilboa - this book is a useful reference tool for economists all over the globe.
