Financial decision making under uncertainty

Cover of: Financial decision making under uncertainty |

Published by Academic Press in New York .

Written in English

Read online

Subjects:

  • Finance -- Mathematical models.,
  • Investments -- Mathematical models.,
  • Risk -- Mathematical models.

Edition Notes

Includes bibliographies and indexes.

Book details

Statementedited by Haim Levy and Marshall Sarnat.
SeriesEconomic theory and mathematical economics
ContributionsLevy, Haim., Sarnat, Marshall.
Classifications
LC ClassificationsHG174 .F48
The Physical Object
Paginationxii, 301 p. :
Number of Pages301
ID Numbers
Open LibraryOL4538399M
ISBN 100124458505
LC Control Number77004572

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Conditions of uncertainty exist when the future environment is unpredictable and everything is in a state of flux. The decision-maker is not aware of all available alternatives, the risks associated.

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Show all. Table of contents (11 chapters) Table of contents (11 chapters). Georges Dionne, Scott E. Harrington, in Handbook of the Economics of Risk and Uncertainty, The Expected Utility Model. Although the theory of decision making under uncertainty has frequently been criticized since its formal introduction by von Neumann and Morgenstern (), it remains the workforce in the study of optimal insurance decisions.

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Finance is the application of economic principles to decision-making that involves the allocation of money under conditions of uncertainty. Investors allocate their funds among financial assets in order to accomplish their objectives, and businesses and governments raise funds by issuing claims against themselves that are invested.

Although uncertainty is a common element of patient care, it has largely been overlooked in research on evidence-based medicine. Patient Care under Uncertainty strives to correct this glaring omission. Applying the tools of economics to medical decision making, Charles Manski shows how uncertainty influences every stage, from risk analysis to treatment, and how this can be reasonably confronted.

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Published in Optimal Financial Decision Making under Uncertainty. Series International Series in Operations Research & Management Science, Pages Date Publisher Risk Analytics and Optimization Chair Work produced at EPFL Book chapters Published.

Actions. Decision-Making Under Uncertainty In our latest podcast, GFOA's Shayne Kavanagh talks with Sam Savage, executive director ofabout decision-making in.

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Optimal Financial Decision Making under Uncertainty Giorgio Consigli, Daniel Kuhn, Paolo Brandimarte (eds.) The scope of this volume is primarily to analyze from different methodological perspectives similar valuation and optimization problems arising in financial applications, aimed at facilitating a theoretical and computational integration.

ISBN: OCLC Number: Description: xii, pages: illustrations ; 24 cm. Contents: Utility and risk analysis. Algorithm for finding undominated portfolios / Harry M. Markowitz --Strong case for the generalized logarithmic utility model as the premier model of financial markets / Mark Rubinstein --Investment decisions under uncertainty.

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Daniel Kahneman (/ ˈ k ɑː n ə m ə n /; Hebrew: דניאל כהנמן ‎; born March 5, ) is an Israeli psychologist and economist notable for his work on the psychology of judgment and decision-making, as well as behavioral economics, for which he was awarded the Nobel Memorial Prize in Economic Sciences (shared with Vernon L.

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Genetic optimization combines with Monte Carlo simulation to provide optimal answers for many. Definition 1 (Decision under risk and uncertainty): Deci-sions under risk or uncertainty involve making choices be-tween actions that yield consequences contingent on realizations of a priori unknown states of the world.

In the case of decisions under Risk, agents have complete knowl-edge of the objective likelihood of each state. Under con. Part Three Equity portfolios Chapter Seven Decision-Making under Uncertainty: The Static Case Uncertainty is the rule in most financial decision-making problems.

The prototypical case is the allocation of wealth to - Selection from An Introduction to Financial Markets [Book]. Part of the International Series in Operations Research & Management Science book series (ISOR, volume Optimal Financial Decision Making Under Uncertainty.

In: Consigli G., Kuhn D., Brandimarte P. (eds) Optimal Financial Decision Making under Uncertainty. International Series in Operations Research & Management Science, vol Springer.

the book suggests that, in their eyes, there is no precise definition of uncertainty and therefore no precise solution. Some see the task of managing uncertainty as no more than an extension of financial risk management, entailing the need for financial “buffers” brought about by greater liquidity.

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rules when making risky decisions, and that they often make decisions by intuition or on “a hunch” that seems correct. The descriptive theory gives us some explanations why people make decisions the way they actually do and why the suggested normative rules for decision-making under risk and uncertainty are not followed [1, 2].

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Kahneman's book Attention and Effort, are available online. Look for the link to the PDF next to the publication's listing. Books and Edited Volumes Daniel Kahneman. Thinking Fast and. A wide variety of tools—including case-based decision analysis, qualitative scenario analysis, and information markets—can be used for decisions made under high degrees of uncertainty.11 Optimal Financial Decision Making under Uncertainty duration mismatching, and this is easily accommodated within a dynamic control problem such as ()-().Get this from a library!

Optimal financial decision making under uncertainty. [Giorgio Consigli; Daniel Kuhn; Paolo Brandimarte;] -- The scope of this volume is primarily to analyze from different methodological perspectives similar valuation and optimization problems arising in financial applications, aimed at facilitating a.

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