Ambiguity on uncertainty and the equity premium
In: Finance Research Letters, Band 38
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In: Finance Research Letters, Band 38
SSRN
Uncertainty is a standard condition under which large parts of art-historical and curatorial knowledge creation and communication are operating. In contrast to standard levels of data quality in non-historical research domains, historical object and knowledge collections contain substantial amounts of uncertain, ambiguous, contested, or plainly missing data. Visualization approaches and interfaces to cultural collections have started to represent data quality and uncertainty metrics, yet all existing work is limited to representations for isolated metadata dimensions only. With this article, we advocate for a more systematic, synoptic and self-conscious approach to uncertainty visualization for cultural collections. We introduce omnipresent types of data uncertainty and discuss reasons for their frequent omission by interfaces for galleries, libraries, archives and museums. On this basis we argue for a coordinated counter strategy for uncertainty visualization in this field, which will also raise the efforts going into complex interface design and conceptualization. Building on the PolyCube framework for collection visualization, we showcase how multiple uncertainty representation techniques can be assessed and coordinated in a multi-perspective environment. As for an outlook, we reflect on both the strengths and limitations of making the actual wealth of data quality questions transparent with regard to different target and user groups.
BASE
In an interview, Lynn Zovighian describes how the Yezidi community continues to face profound uncertainty and insecurity.
SWP
The nonexistence of equilibria in models of electoral competition involving multiple issues is one of the more puzzling results in political economics. In this paper, we relax the standard assumption that parties act as expected utility maximizers. We show that equilibria often exist when parties with limited knowledge about the electorate are modeled as uncertainty-averse. What is more, these equilibria can be characterized as a straightforward generalization of the classical median voter result.
BASE
In: Environmental management: an international journal for decision makers, scientists, and environmental auditors, Band 66, Heft 1, S. 136-148
ISSN: 1432-1009
In: Journal of risk and uncertainty, Band 46, Heft 2, S. 113-132
ISSN: 1573-0476
In: The Canadian journal of economics: the journal of the Canadian Economics Association = Revue canadienne d'économique, Band 54, Heft 3, S. 1103-1135
ISSN: 1540-5982
AbstractThis paper develops a general equilibrium model of international trade in homogenous intermediate inputs. In the model, trade between countries is driven exclusively by uncertainty in the delivery of inputs. Because their managers are risk‐averse, final good firms contract with multiple suppliers located in different countries in an attempt to decrease the variability of their profits. The analysis shows that risk diversification provides an incentive for international trade over and above such reasons as comparative advantages (emphasized in classical models of international trade) and economies of scale (emphasized in new trade models) and highlights a new channel—a reduction in uncertainty—through which trade liberalization increases welfare.
In: Econometric Society monographs 45
This book describes the classical axiomatic theories of decision under uncertainty, as well as critiques thereof and alternative theories. It focuses on the meaning of probability, discussing some definitions and surveying their scope of applicability. The behavioral definition of subjective probability serves as a way to present the classical theories, culminating in Savage's theorem. The limitations of this result as a definition of probability lead to two directions - first, similar behavioral definitions of more general theories, such as non-additive probabilities and multiple priors, and second, cognitive derivations based on case-based techniques
This paper explores firms' export dynamics in emerging economies where local firms face stiff foreign competition, both at home and abroad, and thus compelled to choose the level of quality in which to export. We develop and test a model of vertical product differentiation where the link between export performance and product quality is central. The impact of other governmental decisions related to multiple uncertainties faced by exporters such as exchange rate, freight and trade policies, are investigated as well. A rich and new firm-level data base is employed, which matches the firm-coded trade transactions data (7-digit) of Philippine manufacturing firms, with their corresponding firm survey data from 1996-2007. Using discrete survival analysis, we show that export spells have a short duration, 20 months on average. Particularly 72.2% of trade relationships in year one do not survive to year two. Market uncertainties, particularly those linked to exchange rates and transport costs increase the probability of firm exit as expected. Export survival rates are highest among firms that select an export price contained in the interval between the median and mean of the international distribution of product prices. In contrast, those choosing a price located at both ends of this distribution have the least chance of survival.
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In: American political science review, Band 99, Heft 4, S. 549-565
ISSN: 1537-5943
International cooperation is plagued by uncertainty. Although states negotiate the best agreements possible using available information, unpredictable things happen after agreements are signed that are beyond states' control. States may not even commit themselves to an agreement if they anticipate that circumstances will alter their expected benefits. Duration provisions can insure states in this context. Specifically, the use of finite duration depends positively on the degree of uncertainty and states' relative risk aversion and negatively on the cost. These formally derived hypotheses strongly survive a test with data on a random sample of agreements across all four of the major issue areas in international relations. Not only do the results, highlighting evidence on multiple kinds of flexibility provisions, strongly suggest that the design of international agreements is systematic and sophisticated; but also they call attention to common ground among various subfields of political science and law.
In: American political science review, Band 99, Heft 4, S. 549-565
ISSN: 0003-0554
World Affairs Online
In: Legislative studies quarterly, Band 42, Heft 4, S. 515-548
ISSN: 1939-9162
In many systems, legislators find themselves accountable to multiple principals. This article seeks to further answer how legislators decide between their principals and what factors condition legislators to choose one over the other. We argue that electoral uncertainty, operationalized as electoral volatility, pushes legislators towards the principal that has the greatest influence over their re‐election. Using European Parliament electoral results and roll‐call data from the second to the sixth European Parliaments (1984–2009), we show that increases in electoral volatility decreased European group cohesion and pushed legislators to side more with the positions of their national parties over their European group when the two disagreed.
In: American Journal of Agricultural Economics, Band 94, Heft 1, S. 189-208
SSRN
In: Environment and planning. B, Planning and design, Band 42, Heft 4, S. 754-770
ISSN: 1472-3417
The use of scenario planning in urban and regional planning practice has grown in the last decade as one way to face uncertainty. However, in adapting scenario planning from its origins in the business sector, planners have eliminated two key components: (1) the use of multiple scenarios, and (2) the inclusion of diverse organizations, people, and interests through deep deliberations. We argue that this shift limits the ability of planners to plan for multiple plausible futures that are shaped by an increasing number of diverse actors. In this paper, we use case-study research to examine how uncertainty was considered in four scenario-planning processes. We analyzed and compared the cases based on analytical categories related to multiple futures and diversity. We found that the processes that used multiple, structurally distinct scenarios explored a wider range of topics and issues shaping places. All four relied heavily on professional stakeholders as the scenario developers, limiting public input. Only one of the processes that included multiple futures captured the differential effects that scenarios would have on diverse people and interests. Overall, the purpose of the scenario planning drove the participant diversity and ultimately the quality and use of the scenarios.
SSRN
Working paper