Expected utility theory - Guides d'étude, Notes de cours & Résumés

IOP3708_EXAM_NOTES Page 1 of 39 IOP 3708 NOTES Specific Outcome 1 Specific Outcome 1: Students can describe and discuss behavioural finance, neuroeconomics, firstly in terms of background, conventional finance, prospect theory and market efficiency; secondly the behavioural science foundations of heuristics and biases; overconfidence, and emotional foundations and thirdly, in terms of the history of decision making Assessment criteria: • Theories and definitions of behavioural finance...

SRA 231 Comprehensive Exam Questions & Answers 2024/2025 false - ANSWERS(true/false) decision theory is multidisciplinary across one academic field true - ANSWERS(true/false) there is no single unifying decision theory and it is difficult to discern between the various forms true - ANSWERS(true/false) rational = normative normative theory - ANSWERSassumes individuals act RATIONALLY in trying to find the best solution to optimize outcome i.e. what we SHOULD do utility - ANSWERSov...

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What does it mean to be a rational actor? - Answer-You are able to rank order preferences based on expected utility. -Stable and transative Bounded Rationality (Herbert Simon) - Answer-People dont have the capability to be perfectly rational -repeatable and predictable rather than random -Differs from pure becuase people will try their best and fall short of pure Prospect theory - Answer--Models built on assumptions of rational behavior assumes that actors make decsions based on maximi...

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rational decision making → Traditional economic theory that people are rational actors rational choice/public choice → people act based on their self interest what does it mean to be a rational actor? → You are able to rank, order your preferences based on the expected utility of each option. → These rank ordered preferences are stable and transitive. → Having perfect information about all alternative possibilities. → Maximize your utility pure rationality → requires p...

Punctuated equilibrium - ️️Happens when attention of key decision makers becomes focused on a single issue or problem Generally happens when an issue hits a breaking point and attention shifts and becomes proportionately focused Some issues can't be solved incrementally what does it mean to be a rational actor? - ️️You are able to rank, order your preferences based on the expected utility of each option. These rank ordered preferences are stable and transitive. Having perfect ...