Browsing Department of Economics (ECO) by Subject "D81"

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Browsing Department of Economics (ECO) by Subject "D81"

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    Title: Flexible Contracts  Author(s): GOTTARDI, Piero; TALLON, Jean Marc; GHIRARDATO, Paolo Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper studies the costs and benefits of delegating decisions to superiorly informed agents relative to the use of rigid, non discretionary contracts. The main focus of the paper lies in the analysis of the costs of ...
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    Title: The Role of Intuition and Reasoning in Driving Aversion to Risk and Ambiguity  Author(s): BUTLER, Jeffrey V.; GUISO, Luigi; JAPPELLI, Tullio Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Using information on a large sample of retail investors and experimental data we find that risk aversion and risk ambiguity are correlated: individuals who dislike risk also dislike ambiguity. We show that what links these ...
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    Title: Risk Attitudes and Measures of Value for Risky Lotteries  Author(s): LEWANDOWSKI, Michal Date: 2010 Type of Publication: Thesis Series/Report no.: EUI PhD theses Abstract: The topic of this thesis is decision-making under risk. I focus my analysis on expected utility theory by von Neumann and Morgenstern. I am especially interested in modeling risk attitudes represented by Bernoulli utility ...
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    Title: Flexible Contracts  Author(s): GOTTARDI, Piero; TALLON, Jean Marc; GHIRARDATO, Paolo Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper studies the costs and benefits of delegating decisions to superiorly informed agents relative to the use of rigid, non discretionary contracts. Delegation grants some flexibility in the choice of the action by ...
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    Title: Urban Growth, Uninsured Risk and the Rural Origins of Aggregate Volatility  Author(s): POELHEKKE, Steven Date: 2008 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: The level of urbanization has increased by over 5 percentage points per decade outside the developed world since 1960. Rapid urbanization was accompanied by fast economic growth and job creation in most parts of the ...
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    Title: Distribution-Free Learning  Author(s): SCHLAG, Karl H. Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We select among rules for learning which of two actions in a stationary decision problem achieves a higher expected payoffs when payoffs realized by both actions are known in previous instances. Only a bounded set containing ...
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    Title: Decision Makers Facing Uncertainty: Theory versus Evidence  Author(s): GIORDANI, Paolo; SCHLAG, Karl H.; ZWART, Sanne Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: We consider three competing normative theories of how to make choices when facing uncertainty: subjective expected utility, maximin utility and minimax regret. In simple decision problems, we compare how decision makers ...