The midweight method to measure attitudes toward risk and ambiguity / Gijs van de Kuilen in Management science, Vol. 57 N° 3 (Mars 2011)  

Public ISBD [article]  inManagement science > Vol. 57 N° 3 (Mars 2011) . - pp. 582-598 Titre : The midweight method to measure attitudes toward risk and ambiguity Type de document : texte imprimé Auteurs : Gijs van de Kuilen, Auteur ; Peter P. Wakker, Auteur Année de publication : 2011 Article en page(s) : pp. 582-598 Note générale : Management Langues : Anglais (eng) Mots-clés : Prospect theory Ambiguity Probability weighting Pessimism Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper introduces a parameter-free method for measuring the weighting functions of prospect theory and rank-dependent utility. These weighting functions capture risk attitudes, subjective beliefs, and ambiguity attitudes. Our method, called the midweight method, is based on a convenient way to obtain midpoints in the weighting function scale. It can be used both for risk (known probabilities) and for uncertainty (unknown probabilities). The resulting integrated treatment of risk and uncertainty is particularly useful for measuring ambiguity, i.e., the difference between uncertainty and risk. Compared to existing methods to measure weighting functions and attitudes toward uncertainty and ambiguity, our method is more efficient and can accommodate violations of expected utility under risk. An experiment demonstrates the tractability of our method, yielding plausible results such as ambiguity aversion for moderate and high likelihoods but ambiguity seeking for low likelihoods, as predicted by Ellsberg. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/57/3/582 [article] The midweight method to measure attitudes toward risk and ambiguity [texte imprimé] / Gijs van de Kuilen, Auteur ; Peter P. Wakker, Auteur . - 2011 . - pp. 582-598. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 3 (Mars 2011) . - pp. 582-598 Mots-clés : Prospect theory Ambiguity Probability weighting Pessimism Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper introduces a parameter-free method for measuring the weighting functions of prospect theory and rank-dependent utility. These weighting functions capture risk attitudes, subjective beliefs, and ambiguity attitudes. Our method, called the midweight method, is based on a convenient way to obtain midpoints in the weighting function scale. It can be used both for risk (known probabilities) and for uncertainty (unknown probabilities). The resulting integrated treatment of risk and uncertainty is particularly useful for measuring ambiguity, i.e., the difference between uncertainty and risk. Compared to existing methods to measure weighting functions and attitudes toward uncertainty and ambiguity, our method is more efficient and can accommodate violations of expected utility under risk. An experiment demonstrates the tractability of our method, yielding plausible results such as ambiguity aversion for moderate and high likelihoods but ambiguity seeking for low likelihoods, as predicted by Ellsberg. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/57/3/582

Exemplaires

Code-barres	Cote	Support	Localisation	Section	Disponibilité
aucun exemplaire