위험관리 | Cases and Studies of Risk Management in Lottery & Gambling | 危險管理
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- Article] Risk aversion in economic transactions
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DocNo of ILP: 6169
Doc. Type: Article
Title: Risk aversion in economic transactions
Authors: Anteneodo, C; Tsallis, C; Martinez, AS
Full Name of Authors: Anteneodo, C; Tsallis, C; Martinez, AS
Keywords by Author:
Keywords Plus: PROSPECT-THEORY; UNCERTAINTY; PHYSICS; CHOICE
Abstract: Most people are risk-averse (risk-seeking) when they expect to gain ( lose). Based on a generalization of expected utility theory which takes this into account, we introduce an automaton mimicking the dynamics of economic operations. Each operator is characterized by a parameter q which gauges people's attitude under risky choices; this index q is in fact the entropic one which plays a central role in nonextensive statistical mechanics. Different long-term patterns of average asset redistribution are observed according to the distribution of parameter q (chosen once forever for each operator) and the rules ( e. g., the probabilities involved in the gamble and the indebtedness restrictions) governing the values that are exchanged in the transactions. Analytical and numerical results are discussed in terms of how the sensitivity to risk affects the dynamics of economic transactions.
Cate of OECD: Physical sciences
Year of Publication: 2002
Business Area: gamble
Detail Business: gamble
Country: France
Study Area: economy, economy, statisticsperspective theory, statistics, perspective theory, attitude, risk
Name of Journal: EUROPHYSICS LETTERS
Language: English
Country of Authors: Ctr Brasileiro Pesquisas Fis, BR-22290180 Rio De Janeiro, Brazil; Univ Sao Paulo, Fac Filosofia Ciencias & Letras Ribeirao Preto, BR-14040901 Ribeirao Preto, SP, Brazil
Press Adress: Anteneodo, C (reprint author), Ctr Brasileiro Pesquisas Fis, R Dr Xavier Sigaud 150, BR-22290180 Rio De Janeiro, Brazil.
Email Address:
Citaion: Martinez, Alexandre/0000-0002-4395-0511;
Funding:
Lists of Citation: Andersen JV, 2000, EUR PHYS J B, V14, P579, DOI 10.1007/s100510051067; Ausloos M, 2000, PHYSICA A, V285, P48, DOI 10.1016/S0378-4371(00)00271-5; AUSLOOS M, 2001, EUR PHYS J B, V20, pU2; BORGES EP, CONDMAT0205520; BORLAND L, CONDMAT0204331; BORLAND L, CONDMAT0205078; BOUCHAUD JP, 2001, PHYS REV LETT, V87, DOI UNSP 228701; Bouchaud JP, 2000, PHYSICA A, V282, P536, DOI 10.1016/S0378-4371(00)00205-3; Bouchaud JP, 2000, EUR PHYS J B, V13, P595; Fishburn P. C., 1970, UTILITY THEORY DECIS; Gonzalez R, 1999, COGNITIVE PSYCHOL, V38, P129, DOI 10.1006/cogp.1998.0710; Ito M, 2000, J EXP ANAL BEHAV, V73, P79, DOI 10.1901/jeab.2000.73-79; Ausloos M, 2001, EUR PHYS J B, V20, P537, DOI 10.1007/s100510170235; Johansen A, 2000, EUR PHYS J B, V17, P319, DOI 10.1007/s100510070147; KAHNEMAN D, 1979, ECONOMETRICA, V47, P263, DOI 10.2307/1914185; Shafir S, 1999, ANIM BEHAV, V57, P1055, DOI 10.1006/anbe.1998.1078; Sornette D, 2000, PHYSICA A, V284, P355, DOI 10.1016/S0378-4371(00)00261-2; Stanley HE, 2002, J PHYS-CONDENS MAT, V14, P2121, DOI 10.1088/0953-8984/14/9/301; Stanley HE, 2002, P NATL ACAD SCI USA, V99, P2561, DOI 10.1073/pnas.022582899; Stanley HE, 2001, PHYSICA A, V299, P1, DOI 10.1016/S0378-4371(01)00351-X; Tsallis C., 1999, BRAZ J PHYS, V29; TSALLIS C, 2001, LECT NOTES PHYS SER; TSALLIS C, 2002, CHAOS SOLITONS FRACT, V13; TSALLIS C, 1988, J STAT PHYS, V52, P479, DOI 10.1007/BF01016429; TVERSKY A, 1992, J RISK UNCERTAINTY, V5, P297, DOI 10.1007/BF00122574; TVERSKY A, 1995, PSYCHOL REV, V102, P269, DOI 10.1037//0033-295X.102.2.269
Number of Citaion: 26
Publication: E D P SCIENCES
City of Publication: LES ULIS CEDEXA
Address of Publication: 7, AVE DU HOGGAR, PARC D ACTIVITES COURTABOEUF, BP 112, F-91944 LES ULIS CEDEXA, FRANCE
ISSN: 0295-5075
29-Character Source Abbreviation: EUROPHYS LETT
ISO Source Abbreviation: Europhys. Lett.
Volume: 59
Version: 5
Start of File: 635
End of File: 641
DOI: 10.1209/epl/i2002-00172-5
Number of Pages: 7
Web of Science Category: Physics, Multidisciplinary
Subject Category: Physics
Document Delivery Number: 589MG
Unique Article Identifier: WOS:000177761700001
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