haku: @indexterm utility expectations / yhteensä: 11
viite: 10 / 11
| Tekijä: | Lehner, J. M. |
| Otsikko: | Entscheidungsparadoxien und deren betriebliche Auswirkungen. |
| Lehti: | Journal für Betriebswirtschaft
1996 : VOL. 46:3, p. 142-154 |
| Asiasana: | DECISION THEORY UTILITY EXPECTATIONS RETURN ON INVESTMENT EMPIRICAL RESEARCH |
| Kieli: | ger |
| Tiivistelmä: | Paradoxical Decision-Making and its Relevance in Corporations. Three types of criticism of attempts to replace expected uti lity theory (EUT) are discussed. It is shown that EUT can not be defended with partial ad-hoc explanations. Further it is argued that violations against EUT are not just exotic phenomenons that deserve no attention but do substantially influence returns of companies. Prospect theory is discussed as an alternative approach for explaining risk taking in stra tegic decisions. Substantial empirical evidence shows that companies that are above their reference level have positive risk-return relationships, whereas this association is negat ive for companies below this level. Risk aversion is observed above this level. |
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