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Wyświetlanie 1-10 z 48
Tytuł:
ESTIMATING INEQUALITY AVERSION FROM SUBJECTIVE ASSESSMENTS OF THE JUST NOTICEABLE DIFFERENCES IN WELFARE
Autorzy:
Kot, Stanislaw Maciej
Powiązania:
https://bibliotekanauki.pl/articles/517250.pdf
Data publikacji:
2017
Wydawca:
Instytut Badań Gospodarczych
Tematy:
inequality
aversion
income
utility estimation
Opis:
Research background: In Economics, the concept of inequality aversion corresponds with the concept of risk aversion in the literature on making decision under uncertainty. The risk aversion is estimated on the basis of subjective reactions of people to various lottery prospects. In Economics, however, an efficient method of estimating inequality aversion has not been developed yet. Purpose of the article: The main aim of this paper is to develop the method of estimating inequality aversion. Methods: The method is based on two income thresholds which are subjectively assessed by surveyed respondents. Given the level of household income, just noticeable worsening of household welfare is perceived below the first threshold, whereas just noticeable improvement of household welfare is perceived above the second threshold. The thresholds make possible effective calculations of the parameter of the Arrow-Pratt’s constant inequality aversion utility function. In this way, an individual utility of income becomes an empirically observable economic phenomenon. Findings & Value added: In this paper, two theorems are proved which provide the guidance on how to identify a proper version of the above function. The proposed method is tested on the basis of statistical data from the archival survey conducted among Polish households in 1999. The statistical analysis of those data reveals the appearance of convex utility functions as well as concave ones. Nevertheless, the prevailing part of the Polish society exhibited inequality aversion in the year 1999. Another result of this paper is that inequality aversion diminishes as income increases.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2017, 12, 1; 123-146
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Algorithm aversion: Sensitivity to interventions and the relationship with numeracy
Autorzy:
Dzieżyk, Michał
Hetmańczuk, Weronika
Traczyk, Jakub
Powiązania:
https://bibliotekanauki.pl/articles/2127587.pdf
Data publikacji:
2020
Wydawca:
Akademia Leona Koźmińskiego w Warszawie
Tematy:
algorithm aversion
numeracy
estimation
augmented decisions
good decisions
Opis:
The main goal of this research was to investigate whether people exhibit algorithm aversion—a tendency to avoid using an imperfect algorithm even if it outperforms human judgments—in the case of estimating students’ percentile scores on a standardized math test. We also explored the relationships between numeracy and algorithm aversion and tested two interventions aimed at reducing algorithm aversion. In two studies, we asked participants to estimate the percentiles of 46 real 15-year-old Polish students on a standardized math test. Participants were offered the opportunity to compare their estimates with the forecasts of an algorithm — a statistical model that predicted real percentile scores based on fi ve explanatory variables (i.e., gender, repeating a class, the number of pages read before the exam, the frequency of playing online games, socioeconomic status). Across two studies, we demonstrated that even though the predictions of the statistical model were closer to students’ percentile scores, participants were less likely to rely on the statistical model predictions in making forecasts. We also found that higher statistical numeracy was related to a higher reluctance to use the algorithm. In Study 2, we introduced two interventions to reduce algorithm aversion. Depending on the experimental condition, participants either received feedback on statistical model predictions or were provided with a detailed description of the statistical model. We found that people, especially those with higher statistical numeracy, avoided using the imperfect algorithm even though it outperformed human judgments. Interestingly, a simple intervention that explained how the statistical model works led to better performance in an estimation task.
Źródło:
Decyzje; 2020, 34; 67-90
1733-0092
2391-761X
Pojawia się w:
Decyzje
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Estimating the parameter of inequality aversion on the basis of a parametric distribution of incomes
Autorzy:
Kot, Stanislaw Maciej
Powiązania:
https://bibliotekanauki.pl/articles/22444415.pdf
Data publikacji:
2020
Wydawca:
Instytut Badań Gospodarczych
Tematy:
income inequality
inequality aversion
estimation
income distribution
Opis:
Research background: In applied welfare economics, the constant relative inequality aversion function is routinely used as the model of a social decisionmaker?s or a society?s preferences over income distributions. This function is entirely determined by the parameter, ?, of inequality aversion. However, there is no authoritative answer to the question of what the range of ? an analyst should select for empirical work. Purpose of the article: The aim of this paper is elaborating the method of deriving ? from a parametric distribution of disposable incomes. Methods: We assume that households? disposable incomes obey the generalised beta distribution of the second kind GB2(a,b,p,q). We have proved that, under this assumption, the social welfare function exists if and only if ? belongs to (0,ap+1) interval. The midpoint ?mid of this interval specifies the inequality aversion of the median social-decisionmaker. Findings & Value added: The maximum likelihood estimator of ?mid has been developed. Inequality aversion for Poland 1998?2015 has been estimated. If inequality is calculated on the basis of disposable incomes, the standard inequality?development relationship might be complemented by inequality aversion. The ?augmented? inequality?development relationship reveals new phenomena; for instance, the stage of economic development might matter when assessing the impact of inequality aversion on income inequality.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2020, 15, 3; 391-417
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Monotonicity of the Selling Price of Information with Risk Aversion in Two Action Decision Problems
Autorzy:
Bakir, Niyazi Onur
Powiązania:
https://bibliotekanauki.pl/articles/2076547.pdf
Data publikacji:
2015
Wydawca:
Polska Akademia Nauk. Czytelnia Czasopism PAN
Tematy:
decision analysis
value of information
selling price
risk aversion
buying price
Opis:
Various approaches have been introduced over the years to evaluate information in the expected utility framework. This paper analyzes the relationship between the degree of risk aversion and the selling price of information in a lottery setting with two actions. We show that the initial decision on the lottery as well as the attitude of the decision maker towards risk as a function of the initial wealth level are critical to characterizing this relationship. When the initial decision is to reject, a non-decreasingly risk averse decision maker asks for a higher selling price as he gets less risk averse. Conversely, when the initial decision is to accept, non-increasingly risk averse decision makers ask a higher selling price as they get more risk averse if information is collected on bounded lotteries. We also show that the assumption of the lower bound for lotteries can be relaxed for the quadratic utility family.
Źródło:
Central European Journal of Economic Modelling and Econometrics; 2015, 2; 71-90
2080-0886
2080-119X
Pojawia się w:
Central European Journal of Economic Modelling and Econometrics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Efekt wzrostu awersji do ryzyka na popyt na samoubezpieczenie w modelu dynamicznym
EFFECT OF INCREASE IN RISK AVERSION ON SELF-INSURANCE IN DYNAMIC MODEL
Autorzy:
Piotr, Dudzinski
Powiązania:
https://bibliotekanauki.pl/articles/418966.pdf
Data publikacji:
2012
Wydawca:
Uniwersytet Gdański. Wydział Ekonomiczny
Tematy:
DYNAMIC MODEL
RISK AVERSION
SELF-INSURANCE
Opis:
This work shows that in a two-period framework increase in risk-aversion is not a sufficient condition to invest more in self-insurance, as it is in one-period setting (Dionne and Eeckhoudt). We prove that other factors important for decision-making exist. Relationship between size of loss and future and present income is crucial in this problem. We consider two cases – when an effort to prevent risk precedes its effect and when it is simultaneous. We show that those cases are mathematically and economically different.
Źródło:
Współczesna Gospodarka; 2012, 3, 2; 35-47
2082-677X
Pojawia się w:
Współczesna Gospodarka
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The atlas of inequality aversion: theory and empirical evidence on 55 countries from the Luxembourg Income Study database
Autorzy:
Kot, Stanisław Maciej
Paradowski, Piotr R.
Powiązania:
https://bibliotekanauki.pl/articles/22443170.pdf
Data publikacji:
2022
Wydawca:
Instytut Badań Gospodarczych
Tematy:
inequality aversion
Atkinson Index
income distribution
inequality
utility function
Opis:
Research background: In the distributive analysis, the constant relative inequality aversion utility function is a standard tool for ethical judgements of income distributions. The sole parameter ? of this function expresses a society?s aversion to inequality. However, the profession has not committed to the range of ?. When assessing inequality and other welfare characteristics, analysts assume an arbitrary level of ?, common to all countries and years. This assumption seems unjustified. Purpose of the article: This paper aims to estimate the parameter ? for each country and year individually using datasets from the Luxembourg Income Study Database in all available years, which dates back to the 1970s. Methods: We utilise the method of estimating ?, which assumes the generalised beta of the second kind distribution of incomes. The estimator of ? is derived from the mathematical condition of the existence of the social welfare function.  Findings & value added: We have elaborated an ?atlas? of  388 estimates of ? for 55 countries across time. Inequality aversion is country-year specific, with a minimum of 0.97 and a maximum of 3.8. Ninety per cent of all estimates are less than 2.5. Inequality aversion is negatively correlated with income inequality, but it is independent of economic development. Thus, inequality aversion appears as an additional dimension of the classical inequality-development relationship. This article contributes to solving a fundamental problem of Welfare Economics: directly measuring the social utility of income (welfare) function. The estimates of ? for 55 countries imply a complete knowledge of these countries' constant relative inequality aversion utility functions.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2022, 17, 2; 261-316
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Dyskontowanie pod wpływem awersji do ryzyka − próba uogólnienia
Discounting under the impact of risk aversion − an attempt to generalization
Autorzy:
Piasecki, Krzysztof
Powiązania:
https://bibliotekanauki.pl/articles/592649.pdf
Data publikacji:
2016
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Awersja do ryzyka
Liniowe dyskonto
Wartość bieżąca
Linear discount
Present value
Risk aversion
Opis:
Głównym celem artykułu jest kontynuacja badań nad wpływem awersji do ryzyka na wartość bieżącą. Niniejsze rozważania są uogólnione do przypadku, gdy miara awersji do ryzyka zależy równocześnie od momentu i wartości przepływu finansowego. Z ogólnej definicji wartości bieżącej został wyprowadzony warunek ograniczający zmienność stosowanej miary awersji do ryzyka. Rozważania te uzupełniono o dwa aksjomaty określające miarę awersji do ryzyka jako monotoniczną funkcję momentu i wartości przepływu finansowego. Ponadto pokazano, że w przypadku braku awersji do ryzyka definiowana wartość bieżąca spełnia warunki nałożone przez definicję Peccatiego.
The main goal of this work is the continuation of studies on the risk aversion impact on present value. Our considerations are generalized here to the case where the risk aversion measure depends on the timing and value of cash flow at the same time. Constraint of volatility of applied risk aversion measure has been implied from the general definition of the present value. These considerations are supplemented by two axioms which are determining risk aversion measure, as a monotonic function of time and value of cash flow. Furthermore, it is shown that in the absence of risk aversion defined present value fulfills the conditions imposed by the Peccati’s definition.
Źródło:
Studia Ekonomiczne; 2016, 297; 145-152
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
„Dziwna awersja”. O wystawach Schulza
“A Strange Aversion.” On Schulz’s Exhibitions
Autorzy:
Makowska, Urszula
Powiązania:
https://bibliotekanauki.pl/articles/645617.pdf
Data publikacji:
2019-10-28
Wydawca:
Fundacja Terytoria Książki
Opis:
The paper sums up and corrects information on the exhibitions in which Schulz took part as well as reconstructs the circumstances under which they were organized. Today we know about ten such exhibitions ordered in series separated by several year-long breaks: 1920-1923, 1930, 1935. His participation in the last show, organized in 1940 by a Soviet institution, cannot be considered fully voluntary. Of the prewar exhibitions only those in Lvov – in 1922 and 1930 at the Society of the Friends of Fine Arts [Towarzystwo Przyjaciół Sztuk Pięknych] and in 1935 on the premises of Union of Polish Artists [Związek Zawodowy Polskich Artystów Plastyków] were noticed by the press, mainly local newspapers. Apparently Schulz, who understood the significance of exhibitions in building one’s artistic biography, did not care much about them. He needed constant support in the selection and evaluation of his works since he was not sure of their value. Probably in the beginning he could count in that respect on his close friends from Drogobych and then those from Lvov. In fact, however, he lived outside the artistic circles and sporadic contacts with other artists did not provide him with necessary inspiration or encouragement to present his works in public. The available records imply that only in 1938, perhaps reinforced by his position in the world of literature, Schulz was ready to plan exhibitions, but not in Lvov and not even in Poland. Exhibitions allowed him also to reach out to other people. They gave him a chance to find an understanding spectator, but also required disclosing oneself. Regardless of their subject matter, drawings are records of the artist’s gestures, i.e. his corporeality. Presenting them in public must have been for Schulz a temptation to tear off his disguise, but it also provoked fear to do so. It was only the graphic art that guaranteed a safe distance between the artist and spectator thanks to the technological processes that separated a single print from the artist’s body. One must remember that most Schulz’s exhibits were the cliché-verres, while practicing other kinds of graphic techniques was his unfulfilled dream. Thus, the sequences of Schulz’s presentations at exhibitions, separated by years of absence, are related to the episodes of his biography, reflecting his attitude toward self-presentation that oscillated between desire and aversion.
Źródło:
Schulz/Forum; 2019, 13; 5-34
2300-5823
Pojawia się w:
Schulz/Forum
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Internacjonalizacja renminbi jako przykład awersji do ryzyka walutowego
Internationalization renminbi as an example of currency risk aversion
Autorzy:
Pera, Jacek
Powiązania:
https://bibliotekanauki.pl/articles/588420.pdf
Data publikacji:
2017
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Awersja do ryzyka
Internacjonalizacja juana
Juan chiński
Renminbi
Waluta międzynarodowa
Chinese yuan
International currency
Internationalization of the yuan
Risk of aversion
Opis:
Jednym z czynników określającym współczesny międzynarodowy system walutowy jest jego wadliwość oparta na jednej walucie, co destabilizuje międzynarodowe środowisko finansowe i podtrzymuje międzynarodową nierównowagę płatniczą. Wśród walut mogących odegrać istotną rolę międzynarodową coraz większe znaczenie zyskuje renminbi (RMB). Szczególną wagę zyskuje fakt, że władze chińskie są aktywne w internacjonalizowaniu własnej waluty i konsekwentnie podejmują działania w tym kierunku. Motorem tych działań są korzyści, jakie kraj może odnieść w wyniku międzynarodowego zastosowania chińskiej waluty. Sposób i zakres internacjonalizacji juana wskazuje również na awersję do ryzyka walutowego w wymiarze regionalnym i globalnym. Jest również konsekwencją turbulencji na globalnych rynkach finansowych oraz próbą zmniejszenia ryzyka walutowego w regionie Azji. Celem artykułu jest próba określenia zależności pomiędzy internacjonalizacją chińskiej waluty (na rynku globalnym i rynkach regionalnych) a awersją do ryzyka walutowego. Realizację celu oparto na omówieniu determinant procesu internacjonalizacji walut oraz internacjonalizacji waluty chińskiej w kontekście awersji do ryzyka walutowego (Maziad, Rapoza, Dobson, Masson, Bogołębska, Bénassy-Quéré, Angeloni).
One of the factors determining the contemporary international monetary system is its defectiveness based on a single currency, which destabilizes the international financial environment and sustains the international payment imbalance. Among the currencies that may play an important international role becoming increasingly important renminbi (RMB). Of particular importance that the Chinese authorities are active in internationalization own currency, and consequently take action in this direction. The driving force behind these actions are the benefits that the country could achieve as a result of the international application of its own currency. The manner and scope of yuan internationalization also points to the aversion to foreign exchange risk, in the regional and global levels. It is also a consequence of turbulence in global financial markets and an attempt to mitigation of currency risk in Asia. The aim of this article is to attempt to determine the relationship between the internationalization of the Chinese currency (in the global market and regional markets) and the aversion to foreign exchange risk (Maziad, Rapoza, Dobson, Masson, Bogołębska, Bénassy-Quéré, Angeloni).
Źródło:
Studia Ekonomiczne; 2017, 319; 199-213
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Asymptotycznie efektywna strategia odrzucania gier obarczonych zbyt dużym ryzykiem
Asymptotically Efficient Adaptive Strategy of Rejecting Games with too high Risk
Autorzy:
Drabik, Ewa
Powiązania:
https://bibliotekanauki.pl/articles/1827224.pdf
Data publikacji:
2010-03-31
Wydawca:
Główny Urząd Statystyczny
Tematy:
asymptotycznie efektywna strategia
awersja do ryzyka
awersja do strat
gry wieloetapowe
asymptotically efficient strategy
risk aversion
loss aversion
repeated game
Opis:
Wiele decyzji ekonomicznych podejmowanych w warunkach niepewności zawiera w sobie element ryzyka, a uczestnicy rynku mogą mieć zróżnicowany do niego stosunek, przy czym przez wiele lat obowiązywało założenie, że mają oni awersję do ryzyka. Awersja do ryzyka jest koncepcją znaną nie tylko z ekonomii, ale również teorii gier, finansów i psychologii, a dotyczy ona zachowań konsumentów, graczy, inwestorów działających w warunkach niepewności. Również awersja do strat jest koncepcją szeroko dyskutowaną w ostatnich latach. Zauważono bowiem, że uczestnicy rynku o wiele intensywniej odczuwają stratę niż czerpią radość z takiego samego co do wartości bezwzględnej zysku. Wielu autorów analizowało problem opłacalności uczestnictwa w grach z określoną wartością zysku lub straty. Kahneman i Tversky (1991) ustalili nawet, że warto brać udział w grach, w których stosunek ewentualnego zysku do ewentualnej straty ma się tak jak 2:1. Inni autorzy prezentowali cechy tzw. bezpiecznych gier. Celem pracy jest zaprezentowanie asymtotycznie efektywnej strategii stosowanej w grach wieloetapowych, która umożliwia interaktywne wyznaczanie granicznych wartości straty i zysku przy jakich warto kontynuować grę.
Many important economic decisions involve an element of risk. Risk aversion is a concept in economic, game theory, finance and psychology related to the behavior of consumers, players and investors under uncertainty. Loss aversion is an important component of a phenomenon that has been discussed a lot in recent years. Loss aversion is a tendency to feel the pain of a loss more acutely than pleasure of the equal – sized gain. Many scientists have analyzed the problem of profitability in the game. Some authors presented certain features, by which “safe” games played once should be characterized. Kahneman and Tversky (1991) showed that loss – aversion – to – gain – attraction ratio should amount to 1:2. The aim of this paper is to show an asymptotically effective strategy which enables the risk – aversive player to establish boundary variables loss and gain at each stage of the repeated game.
Źródło:
Przegląd Statystyczny; 2010, 57, 1; 53-65
0033-2372
Pojawia się w:
Przegląd Statystyczny
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-10 z 48

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