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Data Dispersion in Economics(II)--- Inevitability and Consequences of Restrictions

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  • Alexander Harin

    ()
    (Modern University for the Humanities, Russia)

Abstract

This article reviews and improves the theorems of the existence of restrictions near the boundaries of finite numerical segments and of the probability scale in the presence of non-zero dispersion. The non-zero dispersion may be caused, for example, by the influence of observation noises. Applications of the theorems to experiments, which are typical of the utility theory, are briefly presented. Similar experiments may be associated with the old problems of utility theory, such as the underweighting of high and the overweighting of low probabilities, risk aversion, loss aversion, the Allais paradox, the equity premium puzzle, the "four-fold pattern" paradox, etc. It is shown that the restrictions as the consequences of the theorems should be taken into account in the explanation of such experiments. The restrictions may facilitate such explanations including explanations by utility models.

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Bibliographic Info

Article provided by Better Advances Press, Canada in its journal Review of Economics & Finance.

Volume (Year): 2 (2012)
Issue (Month): (November)
Pages: 24-36

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Handle: RePEc:bap:journl:120403

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Related research

Keywords: Utility; Probability; Uncertainty; Decision; Economics;

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Cited by:
  1. Alexander Harin, 2013. "Data dispersion near the boundaries: can it partially explain the problems of decision and utility theories?," Working Papers, HAL hal-00851022, HAL.
  2. Alexander HARIN, 2014. "Partially Unforeseen Events. Corrections and Correcting Formulae for Forecasts," Expert Journal of Economics, Sprint Investify, Sprint Investify, vol. 2(2), pages 69-79.
  3. Harin, Alexander, 2014. "General correcting formulae for forecasts," MPRA Paper 55283, University Library of Munich, Germany.
  4. Harin, Alexander, 2014. "Is data interpretation in utility and prospect theories unquestionably correct?," MPRA Paper 53880, University Library of Munich, Germany.

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