Structured prescriptive models of risk attitudes
Article Abstract:
Structured prescriptive models of risk attitudes are presented in order to provide insight to improve decision making and to simplify decision analysis in order to make it more accessible. The models of risk attitudes obey normative principles, indicating that preferences between lotteries are congruent with the expected utility. By implying a family of utility function or by determining a utility function, the models can present condition on preferences that can be utilized to structure risk attitude issues. The models' conditions and utility functions that allow users to construct a conceptual framework for risk attitudes to model decision analysis.
Publication Name: Management Science
Subject: Business, general
ISSN: 0025-1909
Year: 1990
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Value functions for infinite-period planning
Article Abstract:
Risk analysis and cost-benefit surveys that compare the tradeoff between the distant future and the present according to existing value discounting have been demeaned for according the future, and consequently later generations, with very little importance. The article furnishes a new technique for modeling tradeoffs between different periods that allows for greater future value functions. The article also evaluates the preference matter of concern for stability or equity between various periods.
Publication Name: Management Science
Subject: Business, general
ISSN: 0025-1909
Year: 1986
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Utility functions for infinite-period planning
Article Abstract:
A discussion is offered of decision analysis models for risk attitudes when the results of a public policy selection extend into the far or unbounded future. Several social risk attitude issues are located and discussed. Presentation is also offered on preference conditions in which value judgments about these issues can be part of a formal model for public policy assessment.
Publication Name: Management Science
Subject: Business, general
ISSN: 0025-1909
Year: 1988
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