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Decision Theory

Decision Theory. Riskiness measures and gambling wealth Riskiness measures – the idea and description Aumann , Serrano (2008) – economic index of riskiness Foster, Hart (2009) – operational measure of riskiness

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Decision Theory

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  1. Decision Theory

  2. Riskinessmeasures and gamblingwealth • Riskinessmeasures – the idea and description • Aumann, Serrano (2008) – economicindex of riskiness • Foster, Hart (2009) – operationalmeasure of riskiness • Buying and sellingprice for a lottery and theconnection to riskinessmeasures • Lewandowski (2010) • Twoproblemsresolved by gamblingwealth • Rabin (2000) paradox • Buying/sellingprice gap (WTA/WTP disparity)

  3. Buying and sellingpricecorrespond to WTP and WTA notionsrespectively – mind WTA/WTP disparity

  4. Riskinessmeasures and gamblingwealth • Riskinessmeasures – the idea and description • Aumann, Serrano (2008) – economicindex of riskiness • Foster, Hart (2009) – operationalmeasure of riskiness • Buying and sellingprice for a lottery and theconnection to riskinessmeasures • Lewandowski (2010) • Twoproblemsresolved by gamblingwealth • Rabin (2000) paradox • Buying/sellingprice gap (WTA/WTP disparity)

  5. Twofallacies

  6. Departingfromconsequentialism

  7. Again – departingfromconsequentialism

  8. Largebuying/sellingpricespreads for small W

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