Items related to The Knowledge Ahead Approach to Risk: Theory and Experimenta...

The Knowledge Ahead Approach to Risk: Theory and Experimental Evidence (Lecture Notes in Economics and Mathematical Systems, 585) - Softcover

Pope, Robin; Leitner, Johannes; Leopold-Wildburger, Ulrike

 
9783540384724: The Knowledge Ahead Approach to Risk: Theory and Experimental Evidence (Lecture Notes in Economics and Mathematical Systems, 585)

Synopsis

This book is written for those seeking a decision theory appropriate for use in serious choices such as insurance. It employs stages of knowledge ahead to track satisfactions and dissatisfactions. From experimental and questionnaire data, people take into account such stages of knowledge ahead satisfactions and dissatisfactions. This means we must go beyond standard decision theories like expected utility or cumulative prospect theory.

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Review

From the reviews:

"While most approaches to risk ignore the time dimension, Pope, Leitner, and Leopold-Wildburger distinguish between primary and secondary satisfactions. ... The book may be suitable for senior undergraduate and graduate students, in addition to practitioners and researchers ... . It can serve to initiate researchers and students into experiments and how experimental results can serve to test and develop theories." (Kjell Hausken, Theory and Decision, Vol. 62, 2007)

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