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Probability versus certainty equivalence methods in utility measurement: Are they equivalent?

Article Abstract:

Using a two-stage within-subject experimental design, certainty equivalence and probability equivalence procedures are compared as effective measures of utility. A number of conclusions can be drawn from the findings, including: there are discrepancies between the two measures; the results do not coincide with those of deterministic choice models; random response errors may cause systematic bias; and operationalization and simulation can be used on the heuristics and biases developed in order to evaluate their effect on utility measurement.

Models, Utility theory, Utility functions

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A class of utility functions containing all the common utility functions

Article Abstract:

A utility function class is presented that consists of all such functions commonly employed for mathematical modeling. The class consists of utility functions whose derivatives vary in sign. A simple representation by way of mixtures of exponential utilities is offered for this class which is both conducive to functional operations and mathematically convenient. Also discussed is a connection with Laplace transforms and resultant implications for aggregation and utility assessment and preference relations.

Functions, Exponential, Exponential functions, Marginal utility

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Strategy, complexity and economic rent

Article Abstract:

Strategy deals with the use of heuristic techniques to solve problems that are too complicated to be optimized. Policy, microeconomic, and behavioral decision theory contribute valuable insights to the core problems of strategy, but none of the theories can individually solve them because there is a close relationship between strategy, complexity, and economic rent. Future theories of strategy should include behavioral considerations.

Management science, Strategic planning (Business), Economic rent

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