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Found 8 papers, 0 papers with code
Risk Aversion and Insurance Propensity
We then extend the analysis to comparative risk aversion by showing that the notion of Yaari (1969) corresponds to comparative propension to full insurance, while the stronger notion of Ross (1981) corresponds to comparative propension to partial insurance.
Algorithmic Decision Processes
We develop a full-fledged analysis of an algorithmic decision process that, in a multialternative choice problem, produces computable choice probabilities and expected decision times.
Recursive Preferences and Ambiguity Attitudes
We illustrate the strong implications of recursivity, a standard assumption in dynamic environments, on attitudes toward uncertainty.
Ergodic Annealing
Simulated Annealing is the crowning glory of Markov Chain Monte Carlo Methods for the solution of NP-hard optimization problems in which the cost function is known.
Making Decisions under Model Misspecification
We use decision theory to confront uncertainty that is sufficiently broad to incorporate "models as approximations."
A Canon of Probabilistic Rationality
We prove that a random choice rule satisfies Luce's Choice Axiom if and only if its support is a choice correspondence that satisfies the Weak Axiom of Revealed Preference, thus it consists of alternatives that are optimal according to some preference, and random choice then occurs according to a tie breaking among such alternatives that satisfies Renyi's Conditioning Axiom.
Multialternative Neural Decision Processes
We introduce an algorithmic decision process for multialternative choice that combines binary comparisons and Markovian exploration.
Multinomial logit processes and preference discovery: inside and outside the black box
We provide two characterizations, one axiomatic and the other neuro-computational, of the dependence of choice probabilities on deadlines, within the widely used softmax representation \[ p_{t}\left( a, A\right) =\dfrac{e^{\frac{u\left( a\right) }{\lambda \left( t\right) }+\alpha \left( a\right) }}{\sum_{b\in A}e^{\frac{u\left( b\right) }{\lambda \left( t\right) }+\alpha \left( b\right) }}% \] where $p_{t}\left( a, A\right) $ is the probability that alternative $a$ is selected from the set $A$ of feasible alternatives if $t$ is the time available to decide, $\lambda$ is a time dependent noise parameter measuring the unit cost of information, $u$ is a time independent utility function, and $\alpha$ is an alternative-specific bias that determines the initial choice probabilities reflecting prior information and memory anchoring.
