基于愿景满意度函数的多属性群决策方法

针对定性和定量属性相混合的多属性群决策问题，提出基于愿景满意度函数的多属性群决策方法。该方法从损失和收益的角度考虑问题，通过计算标准化的愿景值和属性值之间的距离，建立考虑专家不同风险态度的愿景满意度函数，求得专家各自的满意度，最后应用简单加权算子集结专家的排序结果。通过案例分析和算法对比说明了该算法可适用于不同风险态度的专家进行决策，而风险态度和愿景值的分析结果表明当属性不确定性较大时，专家看重损失或者收益取决于专家的风险态度和愿景值的高低，该方法可为参与决策的双方提供有价值的参考意见。     

Managing Wildfire Events: Risk‐Based Decision Making Among a Group of Federal Fire Managers

Managing wildfire events to achieve multiple management objectives involves a high degree of decision complexity and uncertainty, increasing the likelihood that decisions will be informed by experience‐based heuristics triggered by available cues at the time of the decision. The research reported here tests the prevalence of three risk‐based biases among 206 individuals in the USDA Forest Service with authority to choose how to manage a wildfire event (i.e., line officers and incident command personnel). The results indicate that the subjects exhibited loss aversion, choosing the safe option more often when the consequences of the choice were framed as potential gains, but this tendency was less pronounced among those with risk seeking attitudes. The subjects also exhibited discounting, choosing to minimize short‐term over long‐term risk due to a belief that future risk could be controlled, but this tendency was less pronounced among those with more experience. Finally, the subjects, in particular those with more experience, demonstrated a status quo bias, choosing suppression more often when their reported status quo was suppression. The results of this study point to a need to carefully construct the decision process to ensure that the uncertainty and conflicting objectives inherent in wildfire management do not result in the overuse of common heuristics. Individual attitudes toward risk or an agency culture of risk aversion may counterbalance such heuristics, whereas increased experience may lead to overconfident intuitive judgments and a failure to incorporate new and relevant information into the decision.     

Affective reactions influence investment decisions: evidence from a laboratory experiment with taxation

We experimentally investigate the effect of taxation of gains and losses on investment behavior. Based on the insights of economic research and psychological concepts, we expect subjects to react to taxation with behavioral and affective changes. Our main results are threefold: first, we show that taxation on gains and the possibility to deduct losses bias investment behavior, but in different directions. Since net payoffs are identical across all tax scenarios and therefore the same investment behavior is to be expected, these differences are in contrast to what a standard theory would predict. Second, we observe that different tax regulations have different effects on the affective and cognitive perception of our subjects. Third, with respect to possible connections of the affective and cognitive ratings, tax regulations, and investment decisions, we are able to show that arousal and risk perception fail to influence the decision making of participants, while there is a highly significant influence of valence perception on choice patterns.     

LEARNING TO REOPTIMIZE CONSUMPTION AT NEW INCOME LEVELS: A RATIONALE FOR PROSPECT THEORY

This paper provides a theoretical rationale for three experimental results of Prospect Theory: risk preferences are over gains and losses, loss aversion, and diminishing sensitivity. We consider a (boundedly rational) decision maker who does not find her new optimal consumption bundle with certainty when she is faced with a new income level. This alters her indirect utility function and makes her more risk averse at her current reference income level and less risk averse for a range of incomes below her reference income level. (JEL: D11)     

Measuring Inequity Aversion in a Heterogeneous Population Using Experimental Decisions and Subjective Probabilities

We combine choice data in the ultimatum game with the expectations of proposers elicited by subjective probability questions to estimate a structural model of decision making under uncertainty. The model, estimated using a large representative sample of subjects from the Dutch population, allows both nonlinear preferences for equity and expectations to vary across socioeconomic groups. Our results indicate that inequity aversion to one's own disadvantage is an increasing and concave function of the payoff difference. We also find considerable heterogeneity in the population. Young and highly educated subjects have lower aversion for inequity than other groups. Moreover, the model that uses subjective data on expectations generates much better in‐ and out‐of‐sample predictions than a model which assumes that players have rational expectations.     

损失厌恶的报童-预期理论下的报童问题新解

本文在决策理论——预期理论框架下,重新对报童问题进行了讨论,给出了损失厌恶的报童的最优订货量的计算公式,此外还进行了必要的比较静态分析。     

市场层面上的赌资效应研究

赌资效应(House Money Effect)是指前期收益会使投资者变得更加风险寻求。与以往基于心理学实验或投资者个人交易账户数据所进行的实证研究不同,本文以股票市场整体行为为研究对象,采用世界上具有代表性的十四支股票综合指数为样本,构建TVRA-GARCH-M模型来研究在市场层面上前期损益对当期风险态度的影响。实证研究发现,在股票市场整体行为上,前期收益会降低当期的风险规避程度;同时,前期损失会提高当期的风险规避程度。     

考虑决策者损失规避的异质信息多属性变权决策方法

现实中存在大量异质信息（或数据）和需要考虑权重随属性值变化的多属性决策问题。针对这类异质信息多属性决策问题，本文提出了一种基于前景理论的变权综合求解方法。首先，构建了异质信息的统一距离计算公式，进而计算各个决策方案的相对贴近度；然后，提出基于不同类型效用函数的变权向量构造方法；其次，以初始权重为参考点，计算变权向量相对于参考点的益损决策矩阵，进而计算考虑决策者权重损失和收益的风险态度的各个决策方案的前景综合值，据此确定方案优劣排序和最优方案。通过数值例子的计算分析说明，文中所提决策模型与方法具有较好的有效性和合理性，可为解决复杂情景的决策问题提供理论依据与方法支持。     

Probabilistic,Multivariable Flood Loss Modeling on the Mesoscale with BT‐FLEMO

Flood loss modeling is an important component for risk analyses and decision support in flood risk management. Commonly, flood loss models describe complex damaging processes by simple, deterministic approaches like depth‐damage functions and are associated with large uncertainty. To improve flood loss estimation and to provide quantitative information about the uncertainty associated with loss modeling, a probabilistic, multivariable B agging decision T ree F lood L oss E stimation MO del (BT‐FLEMO) for residential buildings was developed. The application of BT‐FLEMO provides a probability distribution of estimated losses to residential buildings per municipality. BT‐FLEMO was applied and validated at the mesoscale in 19 municipalities that were affected during the 2002 flood by the River Mulde in Saxony, Germany. Validation was undertaken on the one hand via a comparison with six deterministic loss models, including both depth‐damage functions and multivariable models. On the other hand, the results were compared with official loss data. BT‐FLEMO outperforms deterministic, univariable, and multivariable models with regard to model accuracy, although the prediction uncertainty remains high. An important advantage of BT‐FLEMO is the quantification of prediction uncertainty. The probability distribution of loss estimates by BT‐FLEMO well represents the variation range of loss estimates of the other models in the case study.     

损失厌恶能否解释"好消息提前,坏消息延后"

损失厌恶是个体决策中所体现出来的一种普遍存在的特征.采用随机占优的方法.从理论上研究损失厌恶是否可以解释"好消息提前,坏消息延后"的现象因为不确定的消息所隐含的可能发生的损失将大大减少厌恶损失的个体的期望效用,我们发现损失厌恶可以很好的解释个体"好消息提前"的行为,但单纯的损失厌恶特征并不能解释"坏消息延后"的现象.随后,进一步对该结论进行了讨论,并探索性的给出了可能产生"坏消息延后"的另外一些原因.     

损失厌恶能否解释“好消息提前,坏消息延后”

损失厌恶是个体决策中所体现出来的一种普遍存在的特征.采用随机占优的方法,从理论上研究损失厌恶是否可以解释"好消息提前,坏消息延后"的现象.因为不确定的消息所隐含的可能发生的损失将大大减少厌恶损失的个体的期望效用,我们发现损失厌恶可以很好的解释个体"好消息提前"的行为,但单纯的损失厌恶特征并不能解释"坏消息延后"的现象.随后,进一步对该结论进行了讨论,并探索性的给出了可能产生"坏消息延后"的另外一些原因.     

投资者的博彩行为研究——基于盈亏状态和投资者情绪的视角

本文以中国股市2000年1月至2017年9月的数据为样本，实证研究盈亏状态和投资者情绪对股票市场博彩行为的影响。本文首先构造股票博彩指数和资本利得量以及二者的交互项，然后使用Fama-MacBeth回归并分析该交互项系数估计量的统计显著性和经济显著性，结果发现，尽管我国股市投资者总体上表现出博彩偏好，但当投资者处于盈利状态时，投资者会厌恶风险，不愿意冒险买入或继续持有"博彩型"股。本文还构造了投资者情绪指数，并以中位数为界将全样本分为投资者情绪高涨期和低落期，然后通过分组研究发现，投资者情绪对博彩行为有直接和间接两种影响：较之于情绪低落期，投资者在情绪高涨期会更加偏好投资"博彩型"股票；此外，情绪还会通过影响投资者的风险态度进而间接影响投资者对"博彩型"股票的投资决策。     

Under pressure! Team innovative climate and individual attitudes in shaping individual improvisation

By embracing a perspective grounded in the Theory of Reasoned Action, this paper investigates the mechanisms through which team climate affects individual improvisation. By relying on data from 134 individuals belonging to 25 artistic collectives, our paper shows that team innovative climate impacts individual improvisation by triggering individual proactive attitude and risk aversion attitude. Because our research spans across different levels of analysis, we developed a multilevel model for analyzing our hypotheses. Our study complements the results of previous research by asserting that improvisation is not an inherently individual phenomenon; rather, improvisation is also affected by the characteristics of the team in which individuals are embedded.     

The Value of a Statistical Life for Risk‐Averse and Risk‐Seeking Individuals

This article estimates the value of a statistical life (VSL) for Chile under the hedonic wage method while accounting for individual risk preferences. Two alternative measures of risk aversion are used. First, risk aversion is directly measured using survey measures of preferences over hypothetical gambles, and second, over observed individual behaviors that may proxy for risk preferences, such as smoking status, are used. I reconcile the results with a theoretical model of economic behavior that predicts how the wage‐risk tradeoff changes as risk aversion differs across individuals. The VSL estimates range between 0.61 and 8.68 million dollars. The results using smoking behavior as a proxy for risk attitudes are consistent with previous findings. However, directly measuring risk aversion corrects the wage‐risk tradeoff estimation bias in the opposite direction. The results are robust to other observed measures of risk aversion such as drinking behavior and stock investments. Results suggest that, consistent with the literature that connects smoking behavior with labor market outcomes, smoking status could be capturing poor health productivity effect in addition to purely risk preferences.     

产需不确定下基于零售商风险规避的三级供应链组合契约模型

针对产需不确定下单一供应商、制造商和风险规避的零售商组成的三级供应链系统,建立了分散和集中情况下的最优决策模型。通过设计风险共担和GL组合契约实现了三级供应链的协调。讨论了风险规避零售商的最优订购决策,分析了风险规避对供应链期望效益的影响。比较了风险规避和风险中性两种情况下零售商的最优决策。探讨了组合契约的协调问题及契约参数之间的关系。研究表明供应链的期望利润随着产需不确定的增加而减少,风险规避下零售商的期望利润低于风险中性时的期望利润,零售商的期望利润随着风险规避程度的加大而减少,零售商最优订购量随风险规避程度的增加而变化。最后数值算例验证了模型和契约协调的有效性。     

Analyzing Disaster Loss Trends: A Comparison of Normalization Methodologies in South Korea

Increasing concern for climate change adaptation and disaster risk reduction is driving the need for more accurate and sophisticated tools of analysis to protect populations. Standards of analysis that can normalize measurements under various contexts are particularly valuable in the global arena of disaster management. One concern that may benefit from normalizing is the analysis of disaster loss trends. Previous studies have used a combination of inflation, wealth, and societal factors in their normalization of disaster loss methodologies. This study examines the various normalization methods in previous research and applies a selection of eight formulae to 50 years of disaster data in South Korea. The results show both decreasing and increasing trends in disaster damage losses based on the methods, but there are curious biases under the results that may be artifacts of Korea's unique experiences in economic development. The conclusion discusses how the case of Korea may help to clarify the optimal normalization methodology for other countries.     

Communicating Earthquake Preparedness: The Influence of Induced Mood,Perceived Risk,and Gain or Loss Frames on Homeowners’ Attitudes Toward General Precautionary Measures for Earthquakes

Despite global efforts to reduce seismic risk, actual preparedness levels remain universally low. Although earthquake‐resistant building design is the most efficient way to decrease potential losses, its application is not a legal requirement across all earthquake‐prone countries and even if, often not strictly enforced. Risk communication encouraging homeowners to take precautionary measures is therefore an important means to enhance a country's earthquake resilience. Our study illustrates that specific interactions of mood, perceived risk, and frame type significantly affect homeowners’ attitudes toward general precautionary measures for earthquakes. The interdependencies of the variables mood, risk information, and frame type were tested in an experimental 2 × 2 × 2 design (N = 156). Only in combination and not on their own, these variables effectively influence attitudes toward general precautionary measures for earthquakes. The control variables gender, “trait anxiety” index, and alteration of perceived risk adjust the effect. Overall, the group with the strongest attitudes toward general precautionary actions for earthquakes are homeowners with induced negative mood who process high‐risk information and gain‐framed messages. However, the conditions comprising induced negative mood, low‐risk information and loss‐frame and induced positive mood, low‐risk information and gain‐framed messages both also significantly influence homeowners’ attitudes toward general precautionary measures for earthquakes. These results mostly confirm previous findings in the field of health communication. For practitioners, our study emphasizes that carefully compiled communication measures are a powerful means to encourage precautionary attitudes among homeowners, especially for those with an elevated perceived risk.     

基于动态损失厌恶投资组合模型的最优资产配置与实证研究

从行为金融学的角度考虑投资者损失厌恶的心理特征,建立预期效用最大化的动态损失厌恶投资组合优化模型。以我国股票市场为依托,将市场分为上升、下降和盘整三种状态,研究动态损失厌恶投资组合模型的最优资产配置和绩效表现,并与静态损失厌恶投资组合模型、M-V投资组合模型和CVaR投资组合模型进行比较。最后,在具有交易成本的条件下对动态模型进行稳健性检验。得出结论：不同情况下,动态损失厌恶投资者具有不同的最优资产配置比例,且动态损失厌恶投资组合模型明显优于静态模型、M-V投资组合模型和CVaR投资组合模型。     

Expanding the Reach of Participatory Risk Management: Testing an Online Decision‐Aiding Framework for Informing Internally Consistent Choices

This article presents research aimed at developing and testing an online, multistakeholder decision‐aiding framework for informing multiattribute risk management choices associated with energy development and climate change. The framework was designed to provide necessary background information and facilitate internally consistent choices, or choices that are in line with users’ prioritized objectives. In order to test different components of the decision‐aiding framework, a six‐part, 2 × 2 × 2 factorial experiment was conducted, yielding eight treatment scenarios. The three factors included: (1) whether or not users could construct their own alternatives; (2) the level of detail regarding the composition of alternatives users would evaluate; and (3) the way in which a final choice between users’ own constructed (or highest‐ranked) portfolio and an internally consistent portfolio was presented. Participants’ self‐reports revealed the framework was easy to use and providing an opportunity to develop one's own risk‐management alternatives (Factor 1) led to the highest knowledge gains. Empirical measures showed the internal consistency of users’ decisions across all treatments to be lower than expected and confirmed that providing information about alternatives’ composition (Factor 2) resulted in the least internally consistent choices. At the same time, those users who did not develop their own alternatives and were not shown detailed information about the composition of alternatives believed their choices to be the most internally consistent. These results raise concerns about how the amount of information provided and the ability to construct alternatives may inversely affect users’ real and perceived internal consistency.