Überlegungen zur metrischen Bernoulli-Entscheidungsregel bei Unsicherheit

Reichel, Georg

doi:10.1007/bf01916940

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“…Our example emphasizes the importance of the boundaries Xm, XM, which exceeds the question of normalization, a fact already mentioned by Reichel [6]. As we have seen these boundaries also influence the partition of the parameter region B into subsets.…”

Section: B\(fflmentioning

confidence: 90%

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Risk attitude and metric Bernoulli-decision-rule

Hühne¹

1989

ZOR - Methods and Models of Operations Research

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The paper is based on the metric Bernoulli-decision-rule developed by Reichel [5]. Under certain conditions, this principle defines preference orderings of "probability games" and support decisions in evaluating economic processes.The statements examine the connection between "risk parameters" (al, a2)resulting from the basis model and risk attitudes well known from literature. The results permit -at least -a qualitative description of risk preferences using the risk parameters (a 1, a2) and eludicate the practicability of metric Bernouilli-decision-rule mentioned in other papers like Michel The utility theory developed by Reichel is characterized by two points. He distinguishes the utility of certain income from the utility of a random event (described by means of the notion "probability game"). In the following we are concerned only with the utility of such a probability game. Moreover Reichel combines the Bernoulli principle with a metric principle in such a manner, that the quantities expected value, variance, and skewness of a probability game suffice to calculate its utility. The

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Section: B\(fflmentioning

confidence: 90%

“…16, where he also invites to more general considerations about this point. As he was able to show in [6] the bounds Xm and XM can be awarded an economic meaning. This gains importance, if one thinks of contracts in a portfolio of insurance companies where xm and x M have to be fixed universally.…”

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confidence: 97%

Risk attitude and metric Bernoulli-decision-rule

Hühne¹

1989

ZOR - Methods and Models of Operations Research

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show abstract

Überlegungen zur metrischen Bernoulli-Entscheidungsregel bei Unsicherheit

Cited by 1 publication

References 0 publications

Risk attitude and metric Bernoulli-decision-rule

Risk attitude and metric Bernoulli-decision-rule

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