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|a (JST)2634547
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|a DE-627
|b ger
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|a eng
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|a Jia, Jianmin
|e verfasserin
|4 aut
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|a A Standard Measure of Risk and Risk-Value Models
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|c 1996
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|a Text
|b txt
|2 rdacontent
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|a Computermedien
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|a In this paper we propose a standard measure of risk that is based on the converted expected utility of normalized lotteries with zero-expected values. This measure of risk has many desirable properties that characterize the notion of risk. It is very general and includes many previously proposed measures of risk as special cases. Moreover, our standard measure of risk provides a preference-based and unified method for risk studies. Since the standard measure of risk is compatible with the measure of expected utility, it can be used explicitly or implicitly in an expected utility model. Under a condition called risk independence, a decision could be made by explicitly trading off between risk and value, which offers an alternative representation of the expected utility model, named the standard risk-value model. Finally, we discuss some other applications of the standard measure of risk and extensions of our risk-value tradeoff framework for descriptive decision making.
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|a Copyright 1996 Institute for Operations Research and the Management Sciences
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|a Risk
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|a Utility Theory
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|a Risk-Value Models
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|a Portfolio Optimization
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|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial analysis
|x Risk management
|x Risk aversion
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|a Economics
|x Microeconomics
|x Economic utility
|x Utility functions
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|a Law
|x Civil law
|x Property law
|x Intellectual property law
|x Industrial property
|x Utility models
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|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial analysis
|x Risk management
|x Risk preferences
|x Risk aversion preference
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|a Economics
|x Microeconomics
|x Economic utility
|x Expected utility
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|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial management
|x Financial risk
|x Investment risk
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|a Social sciences
|x Communications
|x Negotiation
|x Compromises
|x Tradeoffs
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|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial management
|x Financial risk
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|a Behavioral sciences
|x Leisure studies
|x Recreation
|x Games
|x Gambling
|x Lotteries
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|a Economics
|x Economic disciplines
|x Financial economics
|x Insurance
|x Insurance expenses
|x Insurance premiums
|x Risk premiums
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|a research-article
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|a Dyer, James S.
|e verfasserin
|4 aut
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|i Enthalten in
|t Management Science
|d Institute for Operations Research and the Management Sciences, 1954
|g 42(1996), 12, Seite 1691-1705
|w (DE-627)320623602
|w (DE-600)2023019-9
|x 15265501
|7 nnns
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|g volume:42
|g year:1996
|g number:12
|g pages:1691-1705
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|u https://www.jstor.org/stable/2634547
|3 Volltext
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|d 42
|j 1996
|e 12
|h 1691-1705
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