NDLI: Uncertain risk aversion

Content Provider	Springer Nature Link
Author	Zhou, Jian Liu, Yuanyuan Zhang, Xiaoxia Gu, Xin Wang, Di
Copyright Year	2014
Abstract	This paper discusses the risk aversion within the framework of the uncertainty theory (Liu in Uncertainty theory: A branch of mathematics for modeling human uncertainty. Springer, Berlin, 2010b), and introduces the notions of uncertain expected utility and uncertain risk premium. In terms of the Arrow–Pratt index, an uncertain version of Pratt’s theorem is proved, which offers an effective way to make comparisons between different individuals’ risk-averse attitudes. We suggest that uncertain risk aversion can be used to measure human’s risk-averse attitudes when uncertainty exists due to lack of the observed data, just as probabilistic risk aversion when sufficient data can be obtained. Uncertain risk aversion provides an alternative method to compare the risk aversions between individuals under uncertain situations.
Starting Page	615
Ending Page	624
Page Count	10
File Format	PDF
ISSN	09565515
Journal	Journal of Intelligent Manufacturing
Volume Number	28
Issue Number	3
e-ISSN	15728145
Language	English
Publisher	Springer US
Publisher Date	2014-12-07
Publisher Place	New York
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Uncertainty theory Risk aversion Risk premium Pratt’s theorem Production Manufacturing, Machines, Tools Control, Robotics, Mechatronics
Content Type	Text
Resource Type	Article
Subject	Industrial and Manufacturing Engineering Artificial Intelligence Software

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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