Affective Decision Making Under Uncertainty

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Sprache: Englisch

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Beschreibung

This book is an exploration of the ubiquity of ambiguity in decision-making under uncertainty. It presents various essays on behavioral economics and behavioral finance that draw on the theory of Black Swans (Taleb 2010), which argues for a distinction between unprecedented events in our past and unpredictable events in our future. The defining property of Black Swan random events is that they are unpredictable, i.e., highly unlikely random events. In this text, Mandelbrot¿s (1972) operational definition of risky random unpredictable events is extended to Black Swan assets ¿ assets for which the cumulative probability distribution or conditional probability distribution of random future asset returns is a power distribution. Ambiguous assets are assets for which the uncertainties of future returns are not risks. Consequently, there are two disjoint classes of Black Swan assets: Risky Black Swan assets and Ambiguous Black Swan assets, a new class of ambiguous assets withunpredictable random future outcomes.

The text is divided into two parts, the first of which focuses on affective moods, introduces affective utility functions and discusses the ambiguity of Black Swans. The second part, which shifts the spotlight to affective equilibrium in asset markets, features chapters on affective portfolio analysis and Walrasian and Gorman Polar Form Equilibrium Inequalities. In order to gain the most from the book, readers should have completed the standard introductory graduate courses on microeconomics, behavioral finance, and convex optimization. The book is intended for advanced undergraduates, graduate students and post docs specializing in economic theory, experimental economics, finance, mathematics, computer science or data analysis.

Über den Autor

Donald J Brown is Professor Emeritus of Economics at the Department of Economics, Yale University (USA). Prior to receiving his Ph.D. in Matheamtics at the Stevens Institute of Technology in 1969, he received his [...]. in Physics at the Pennsylvania State University in 1964, and his B.A. in Physics at the University of Colorado in 1962.

Zusammenfassung

Explores the ubiquity of ambiguity in decision-making under uncertainty

Presents various essays on behavioral economics and behavioral finance that draw on the theory of Black Swans

Argues for a distinction between unprecedented events in our past and unpredictable events in our future

Inhaltsverzeichnis

Part I: Affective Moods.- Part II: Affective Equilibrium in Asset Markets.

Details

Erscheinungsjahr:	2020
Fachbereich:	Volkswirtschaft
Genre:	Recht , Sozialwissenschaften , Wirtschaft
Rubrik:	Recht & Wirtschaft
Medium:	Taschenbuch
Inhalt:	xiii 81 S. 1 s/w Illustr. 6 farbige Illustr. 81 p. 7 illus. 6 illus. in color.
ISBN-13:	9783030595111
ISBN-10:	3030595110
Sprache:	Englisch
Einband:	Kartoniert / Broschiert
Autor:	Brown, Donald J.
Auflage:	1st edition 2020
Hersteller:	Springer International Publishing Springer International Publishing AG
Verantwortliche Person für die EU:	Springer Verlag GmbH, Tiergartenstr. 17, D-69121 Heidelberg, juergen.hartmann@springer.com
Maße:	235 x 155 x 6 mm
Von/Mit:	Donald J. Brown
Erscheinungsdatum:	19.12.2020
Gewicht:	0,16 kg

Artikel-ID: 118880503