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Thesis

Behavioural Financial Decision Making Under Uncertainty

Abstract:

Ever since von Neumann and Morgenstern published the axiomisation of Expected Utility Theory, there have been a considerable amount of ob- servations appeared in the literature violating the expected utility theory. To make decisions under uncertainty, people generally separate possible outcomes into gains and losses. They are risk averse for gains but risk seeking for losses with very large probabilities; risk averse for losses but risk seeking for gains with very small probabilities. To acc...

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Publication date:
2008-06-05
URN:
uuid:13a0257a-0634-490f-be04-f2eee0288b4c
Local pid:
oai:eprints.maths.ox.ac.uk:699

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