The Experts below are selected from a list of 20238 Experts worldwide ranked by ideXlab platform
Pavlo R. Blavatskyy - One of the best experts on this subject based on the ideXlab platform.
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estimating representations of time preferences and models of Probabilistic intertemporal Choice on experimental data
Journal of Risk and Uncertainty, 2018Co-Authors: Pavlo R. Blavatskyy, Hela MaafiAbstract:We here estimate a number of alternatives to discounted-utility theory, such as quasi-hyperbolic discounting, generalized hyperbolic discounting, and rank-dependent discounted utility with three different models of Probabilistic Choice. The data come from a controlled laboratory experiment designed to reveal individual time preferences in two rounds of 100 binary-Choice problems. Rank-dependent discounted utility and its special case—the maximization of present discounted value—turn out to be the best-fitting theory (for about two-thirds of all subjects). For a great majority of subjects (72%), the representation of time preferences in Luce’s Choice model provides the best fit.
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Probabilistic Choice and stochastic dominance
Economic Theory, 2012Co-Authors: Pavlo R. BlavatskyyAbstract:This paper presents an axiomatic model of Probabilistic Choice under risk. In this model, when it comes to choosing one lottery over another, each alternative has a chance of being selected, unless one lottery stochastically dominates the other. An individual behaves as if he or she compares lotteries to a reference lottery—the least upper bound or the greatest lower bound in terms of stochastic dominance. The proposed model is compatible with several well-known violations of expected utility theory such as the common ratio effect and the violations of betweenness. Necessary and sufficient conditions for the proposed model are completeness, weak stochastic transitivity, continuity, common consequence independence, outcome monotonicity, and odds ratio independence.
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Probabilistic subjective expected utility
Journal of Mathematical Economics, 2012Co-Authors: Pavlo R. BlavatskyyAbstract:Abstract This paper develops the first model of Probabilistic Choice under subjective uncertainty (when probabilities of events are not objectively known). The model is characterized by seven standard axioms (Probabilistic completeness, weak stochastic transitivity, nontriviality, event-wise dominance, Probabilistic continuity, existence of an essential event, and Probabilistic independence) as well as one new axiom. The model has an intuitive econometric interpretation as a Fechner model of (relative) random errors. The baseline model is extended from binary Choice to decisions among m > 2 alternatives using a new method, which is also applicable to other models of binary Choice.
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a model of Probabilistic Choice satisfying first order stochastic dominance
Management Science, 2011Co-Authors: Pavlo R. BlavatskyyAbstract:This paper presents a new model of Probabilistic binary Choice under risk. In this model, a decision maker always satisfies first-order stochastic dominance. If neither lottery stochastically dominates the other alternative, a decision maker chooses in a Probabilistic manner. The proposed model is derived from four standard axioms (completeness, weak stochastic transitivity, continuity, and common consequence independence) and two relatively new axioms. The proposed model provides a better fit to experimental data than do existing models. The baseline model can be extended to other domains such as modeling variable consumer demand. This paper was accepted by Peter Wakker, decision analysis.
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how to extend a model of Probabilistic Choice from binary Choices to Choices among more than two alternatives
Economics Letters, 2009Co-Authors: Pavlo R. BlavatskyyAbstract:Abstract This note presents an algorithm that extends a binary Choice model to Choice among multiple alternatives. Both neoclassical microeconomic theory and Luce Choice model are consistent with the proposed algorithm. The algorithm is compatible with several empirical findings (asymmetric dominance and attraction effects) that cannot be explained within standard models.
Khandker Nurul Habib - One of the best experts on this subject based on the ideXlab platform.
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a semi compensatory Choice model with Probabilistic Choice set combining implicit Choice set within Probabilistic Choice set formation
Transportmetrica, 2020Co-Authors: Zohreh Rashedi, Khandker Nurul HabibAbstract:The standard random utility model assumes a fully rational and compensatory Choice behaviour. However, various research studies have proven that non-compensatory /semi-compensatory Choice behaviour...
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mode Choice modelling for hailable rides an investigation of the competition of uber with other modes by using an integrated non compensatory Choice model with Probabilistic Choice set formation
Transportation Research Part A-policy and Practice, 2019Co-Authors: Khandker Nurul HabibAbstract:Abstract This paper presents an empirical investigation on demand for TNC services (e.g., Uber) in the Greater Toronto and Hamilton Areas (GTHA) through the application of an innovative discrete Choice model. The proposed model combines Independent Availability Logit (IAL) and Constrained Multinomial Logit (CMNL) model formulation to reap the unique features of both. The proposed model is thus a Semi Compensatory Independent Availability Logit (SCIAL) model. For the empirical investigation, it uses a dataset of trip mode Choices that suitable to represent ride-hailing service (e.g., Uber). Such trips are named as hailable trips in the dataset, which is drawn from a large scale household travel survey conducted in the region in 2016. To have a clear understanding of behavioural processes involved in the Choice of travel mode of hailable trips, the proposed SCIAL model jointly models Probabilistic Choice set formation and conditional semi-compensatory Choice. The empirical model does not reveal any evident competition between Uber and the private car, public transit, or non-motorized modes. It indicates that urban taxi is its main competitor, but there are notable differences in socio-demographic profiles of taxi and Uber users. For example, a taxi is preferred by older people, but younger people prefer uber, and there is no gender difference in such a pattern. In terms of the relationship between considering Uber as a feasible mode and choosing it for a trip, Uber has similarities to the car passenger mode. Merely accepting it as a feasible option has a significant influence on the final Choice to use it. This indicates a potential new segment of the travel market, generated primarily for the advent of TNC service, e.g., Uber in Toronto.
Erik P De Vink - One of the best experts on this subject based on the ideXlab platform.
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a complete axiomatization of branching bisimilarity for a simple process language with Probabilistic Choice extended abstract
Lecture Notes in Computer Science, 2019Co-Authors: Rob Van Glabbeek, Jan Friso Groote, Erik P De VinkAbstract:This paper proposes a notion of branching bisimilarity for non-deterministic Probabilistic processes. In order to characterize the corresponding notion of rooted branching Probabilistic bisimilarity, an equational theory is proposed for a basic, recursion-free process language with non-deterministic as well as Probabilistic Choice. The proof of completeness of the axiomatization builds on the completeness of strong Probabilistic bisimilarity on the one hand and on the notion of a concrete process, i.e. a process that does not display (partially) inert \(\tau \)-moves, on the other hand. The approach is first presented for the non-deterministic fragment of the calculus and next generalized to incorporate Probabilistic Choice, too.
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an axiomatization of strong distribution bisimulation for a language with a parallel operator and Probabilistic Choice
Formal Methods, 2019Co-Authors: Jan Friso Groote, Erik P De VinkAbstract:In the setting of a simple process language featuring non-deterministic Choice and a parallel operator on the one hand and Probabilistic Choice on the other hand, we propose an axiomatization capturing strong distribution bisimulation. Contrary to other process equivalences for Probabilistic process languages, in this paper distributions rather than states are the leading ingredients for building the semantics and the accompanying equational theory, for which we establish soundness and completeness.
Laila M. Proença - One of the best experts on this subject based on the ideXlab platform.
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why risk analysis outperforms Probabilistic Choice as the effective decision support paradigm for power system planning
IEEE Transactions on Power Systems, 1998Co-Authors: Vladimiro Miranda, Laila M. ProençaAbstract:This paper demonstrates that a classical stochastic optimization is, in many cases, not convenient for power system planning. Instead, a risk analysis approach is proposed. In a comparison of both planning paradigms, the Probabilistic approach is in occasions not adequate, is half blind to compromise solutions and leads, in numerous, cases to riskier decisions. The technical discussion is illustrated with a distribution planning example.
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Probabilistic Choice vs. risk analysis-conflicts and synthesis in power system planning
IEEE Transactions on Power Systems, 1998Co-Authors: V. Miranda, Laila M. ProençaAbstract:This paper shows the conceptual differences between adopting a Probabilistic weighting of the futures and a risk averse strategy, in power system planning under uncertain scenarios. It is illustrated with a distribution planning problem, where optimal solutions in both cases are determined by a genetic algorithm. It shows that the Probabilistic approach is less safe and cannot detect some interesting solutions.
Juan De Dios Ortuzar - One of the best experts on this subject based on the ideXlab platform.
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a semi compensatory Choice model with Probabilistic Choice set combining implicit Choice set within Probabilistic Choice set formation
Transportmetrica, 2021Co-Authors: Juan De Dios OrtuzarAbstract:A recent paper by Rashedi and Nurul Habib (2020) formulates a semi-compensatory Choice model, a term originally conceived by Williams and Ortuzar (1982), later studied by Kawamoto and Setti (1992) ...