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Data dispersion near the boundaries: can it partially explain the problems of decision and utility theories?

  • Alexander Harin

    ()

    (MUH - Modern University for the Humanities - Modern University for the Humanities)

An existence theorem for a bias of the mean in the presence of data dispersion is proved. The ultimate aims are to use this theorem to explain the well-known problems of utility and decision theories, such as risk aversion, the underweighting of high and the overweighting of low probabilities, the Allais paradox, etc. The results may be used to estimate preferences, choices, decisions, (ir)rational behavior at data uncertainty, noises and experimental errors in experiments interpretation, probability theory, statistics, management, finance, investment, insurance, etc.

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File URL: http://hal.archives-ouvertes.fr/docs/00/85/10/22/PDF/Data_dispersion_near_the_boundaries_130811.pdf
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Paper provided by HAL in its series Working Papers with number hal-00851022.

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Date of creation: 11 Aug 2013
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Handle: RePEc:hal:wpaper:hal-00851022
Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00851022
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  1. Daniel Kahneman & Richard H. Thaler, 2006. "Anomalies: Utility Maximization and Experienced Utility," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 221-234, Winter.
  2. Alexander Harin, 2012. "Data Dispersion in Economics(II)--- Inevitability and Consequences of Restrictions," Review of Economics & Finance, Better Advances Press, Canada, vol. 2, pages 24-36, November.
  3. Hey, John D & Orme, Chris, 1994. "Investigating Generalizations of Expected Utility Theory Using Experimental Data," Econometrica, Econometric Society, vol. 62(6), pages 1291-1326, November.
  4. David J. Butler & Graham C. Loomes, 2007. "Imprecision as an Account of the Preference Reversal Phenomenon," American Economic Review, American Economic Association, vol. 97(1), pages 277-297, March.
  5. Alexander Harin, 2012. "Data Dispersion in Economics (I) --- Possibility of Restrictions," Review of Economics & Finance, Better Advances Press, Canada, vol. 2, pages 59-70, August.
  6. Tversky, Amos & Wakker, Peter, 1995. "Risk Attitudes and Decision Weights," Econometrica, Econometric Society, vol. 63(6), pages 1255-80, November.
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