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Results tagged with decision-theory
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user 15517
the mathematical study of strategies for optimal decision-making between options involving different risks or expectations of gain or loss depending on the outcome.
5
votes
Do a group of economic agents really act as if they are rational?
Can you explain the rationale behind the above statement in further details?
This is an example of an emergent property or sometimes called just emergence. Emergence in layman's terms denotes situ …
- 58.5k
4
votes
Accepted
Why utility should be bounded (or unbounded)?
tl;dr: Short answer is that cardinal utility of rational person is in large part of a literature is derived from the von Neumann and Morgenstern expected cardinal utility framework. In such framework …
- 58.5k
1
vote
If I had a new economical theory, how could I share it with academical environments? I call ...
As elsewhere in academia, in economics as well, ideas are disseminated through:
Workshops. These are usually organized by universities or other research institutions and if the workshop
Seminars. The …
- 58.5k
1
vote
Accepted
What is the risk aversion domain and how this could change in a dynamic market game?
My question is, what is the domain of such a parameter
Risk aversion coefficient has actually domain $(-\infty, \infty)$. Since $\gamma= -\frac{U''}{U'}$ and this can be arbitrary positive negative …
- 58.5k
1
vote
Why do we need cardinal utility (instead of ordinal ranking)?
Without using cardinal utility almost whole field of poverty, inequality, welfare and public economics becomes impossible. With ordinal utility benefits of redistribution or various policies between t …
- 58.5k
0
votes
Accepted
The assumptions of Rational Expectations Models
The assumptions are that the agents understand the situation, model or game they are in, that they are rational - in economic sense of the word and try to maximize their utility.
I think that one re …
- 58.5k