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Lecture Details :
Jim Cox from Georgia State, a visiting Erskine Fellow in the Economics Department this year ...and Maros' PhD supervisor!!... presented a stimulating seminar on theories of decision making under risk. The basic question Jim asks (and answers) is whether new and old theories of decision making under uncertain are plausible? Contemporary theories of decision making under risk, from Expected Utility theory to Prospect Theory, basically transform money payoffs or probabilities, or both, in some non linear way. When calibrated to rationalize patterns of observed choices on realistic but relatively small stakes gambles ALL of these theories are shown to have implausible implications for risk taking on larger domains of wealth. How is "implausibility" operationalized? Well..check out Jim's seminar for details !! A sneak preview: consider a 50/50 coin toss paying paying nothing or 1 million dollars . Where credibility isn't an issue...eg forget your average experimenter's budget and go to a roulette wheel at a commercial casino with a sufficient stock of of available wealth and reputation...so you do expect they will pay out ...would you really prefer $100 for sure to that 50/50 gamble? With a clever use of compound 50/50 gambles and restrictions implied by concavity and additively separable functionals Jim and his co-aithours show that plausible styles of risk aversion in small stakes gamble imply precisely this kind of implausible behaviour for large stakes.
Servatka
Course Description :
Seminars presented by visiting Erskine fellows to the Economics.
Other Resources :
Other Economics Courses
- Intermediate Macroeconomic Theory by UC Berkeley
- ECON 113 - Mathematical Economics by UC San Diego
- Finance by Khan Academy
- International Trade,Fall 2010 by UC Berkeley
- Introductory Game Theory by University of Canterbury
- HMP 607 - Corporate Finance for Healthcare Administrators by Open.Michigan
- Econ Dept Seminars by University of Canterbury
- Environmental Economics and Policy,Fall 2011 by UC Berkeley
- Game Theory by Yale
- Introduction to Econometrics by University of Oregon
» check out the complete list of Economics lectures
Economics Lecture Notes
- Subcategories of Economics by United Kingdom University
- Economics 2500: Introductory Statistics for Economists by York University
- Economics 200C: Games and Information by University of California
- Econometrics 2002 by University of St. Galen
- B30.3351: Econometrics I by Stern School of Business
- Financial Economics by London School of Business and Finance
- Economics 14: Intro to Economics II by Pennsylvania State University
- Game Theory and Business Strategy by Vanderbilt University
- Econ 671: Econometrics I by Iowa State University
- Econ 208: Behavioral Game Theory by University of California