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  • 1
    Electronic Resource
    Electronic Resource
    The Economics of Optimism and Pessimism (1984)
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 37 (1984), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: This paper suggests a way of incorporating the important concepts of optimism and pessimism into the accepted model of decision-making under uncertainty. We exploit the primitive notion that an optimist is someone who over-estimates (underestimates) the likelihood of favourable (unfavourable) outcomes. We show that this incorporation enables us to explain several commonly observed apparent violations of Subjective Expected Utility Theory. Several illustrations and economic applications are presented, and we show that attitude to ‘fate’ (as evidenced in optimism and pessimism) is a different dimension of personality than attitude to risk. We conclude by relating our extension of SEU theory to other recent extensions.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-6435.1984.tb00748.x
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  • 2
    Electronic Resource
    Electronic Resource
    LABOUR-MANAGED ENTERPRISE AND UNCERTAINTY (1980)
    Oxford, UK : Blackwell Publishing Ltd
    Annals of public and cooperative economics 51 (1980), S. 0 
    Details
    ISSN: 1467-8292
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8292.1980.tb01820.x
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  • 3
    Electronic Resource
    Electronic Resource
    OPTIMAL CONSUMER SEARCH WHEN PRICES ARE TIME-DEPENDENT (1982)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 34 (1982), S. 0 
    Details
    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-999X.1982.tb00067.x
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  • 4
    Electronic Resource
    Electronic Resource
    FROM THE NEW EDITORS (1984)
    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 36 (1984), S. 0 
    Details
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8586.1984.tb00520.x
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  • 5
    Electronic Resource
    Electronic Resource
    A NOTE ON CONSUMER SEARCH AND CONSUMER SURPLUS (1979)
    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 31 (1979), S. 0 
    Details
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8586.1979.tb00142.x
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  • 6
    Electronic Resource
    Electronic Resource
    FROM THE NEW EDITORS (1984)
    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 36 (1984), S. 0 
    Details
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8586.1984.tb00527.x
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  • 7
    Electronic Resource
    Electronic Resource
    OPTIMAL CONSUMPTION WHEN INCOME FOLLOWS A MARKOV PROCESS (1984)
    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 36 (1984), S. 0 
    Details
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In econometric investigations of consumption, the econometrician may either estimate the structural relationship or investigate the implication (revealed by Hall) that the marginal utility of consumption follows a random walk. Researchers have been inhibited from following the former route by the lack of an explicit theoretical relationship. This paper removes this inhibition by deriving the optimal consumption strategy of an individual with constant absolute risk-aversion, whose income is generated by an nth order normal autoregressive process. We show that the implied structural relationship is linear in wealth and lagged income terms (up to the nth order). This facilitates informative and efficient econometric exploration of the consumption function.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8586.1984.tb00529.x
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  • 8
    Electronic Resource
    Electronic Resource
    FROM THE NEW EDITORS (1985)
    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 37 (1985), S. 0 
    Details
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8586.1985.tb00178.x
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  • 9
    Electronic Resource
    Electronic Resource
    Discriminating between preference functionals: A preliminary Monte Carlo study (1994)
    Springer
    Journal of risk and uncertainty 8 (1994), S. 223-242 
    Details
    ISSN: 1573-0476
    Keywords: expected utility ; non-expected-utility ; experiments ; estimation ; Monte Carlo technique JEL Codes: D81, C91, C15
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article is connected with recent attempts to estimate EU and Generalised EU preference functionals using (complete ranking) experimental data and maximum likelihood estimation techniques. In particular we explore, using Monte Carlo techniques, the power of such procedures in correctly determining the true preference functional. We conclude that several of the more popular generalisations to EU are very difficult to disentangle, and that the techniques are rather poor at correctly identifying EU when it is the correct functional.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01064043
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  • 10
    Electronic Resource
    Electronic Resource
    New experiments in industrial organisation (1993)
    Springer
    Empirica 20 (1993), S. 81-99 
    Details
    ISSN: 1573-6911
    Keywords: Experimental economics ; industrial organisation ; R&D ; B41 ; C90 ; L00 ; O32
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Experimental economics has devoted much of its relatively short life to the study of issues of industrial organisation, and has achieved notable successes, of considerable value to the development of both the theoretical and empirical aspects of the subject. The general message emerging from the market-level experiments is that the existence of, and convergence to, the (market) equilibrium of neoclassical theory is, in general, well-supported by the experimental evidence; on the other hand, the general message emerging from the individual level experiments is that the foundations of the neoclassical market theories are seriously flawed. This paper argues for new types of experiments in industrial organisation, ones that are theory-suggesting rather than theory-testing, and ones that are more ill-defined than those carried out to date. There is a need to shed some light on how people tackle extremely complicated ill-defined problems as opposed to experiments confined to testing well-defined theories of simple problems with complicated solutions.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01384142
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