scholarly journals John Maynard Keynes, Joan Robinson and the prospect theory approach to money wage determination

2018 ◽  
Vol 70 (1) ◽  
pp. 45-67
Author(s):  
Ian M. McDonald
Keyword(s):  
Prospect Theory ◽  
Wage Determination ◽  
Theory Approach ◽  
John Maynard Keynes ◽  
Money Wage

Preferences For Prolonging Life: A Prospect Theory Approach

2003 ◽  
Vol 56 (2) ◽  
pp. 155-170 ◽  
Author(s):  
Laraine Winter ◽  
M. Powell Lawton ◽  
Katy Ruckdeschel
Keyword(s):  
Health Status ◽  
Prospect Theory ◽  
Functional Ability ◽  
Decision Model ◽  
Decision Makers ◽  
Health Conditions ◽  
Theory Approach ◽  
Current Health ◽  
Current Health Status ◽  
Healthy Participants

Kahneman and Tversky's (1979) Prospect theory was tested as a model of preferences for prolonging life under various hypothetical health statuses. A sample of 384 elderly people living in congregate housing (263 healthy, 131 frail) indicated how long (if at all) they would want to live under each of nine hypothetical health conditions (e.g., limited to bed or chair in a nursing home). Prospect theory, a decision model which takes into account the individual's point of reference, would predict that frail people would view prospective poorer health conditions as more tolerable and express preferences to live longer in worse health than would currently healthy people. In separate analyses of covariance, we evaluated preferences for continued life under four conditions of functional ability, four conditions of cognitive impairment, and three pain conditions—each as a function of participant's current health status (frail vs. healthy). The predicted interaction between frailty and declining prospective health status was obtained. Frail participants expressed preferences for longer life under more compromised health conditions than did healthy participants. The results imply that such preferences are malleable, changing as health deteriorates. They also help explain disparities between proxy decision-makers' and patients' own preferences as expressed in advance directives.

A Prospect Theory Approach Explaining the Low Demand for Index-Based Insurance

2018 ◽  
Author(s):  
Immanuel Lampe ◽  
Daniel WWrtenberger
Keyword(s):  
Prospect Theory ◽  
Theory Approach

A prospect-theory approach to the Kelly criterion for fat-tail portfolios: the case of Student'st-distribution

2009 ◽  
Vol 1 (2) ◽  
pp. 101-107 ◽  
Author(s):  
Roberto Osorio
Keyword(s):  
Prospect Theory ◽  
Theory Approach ◽  
Kelly Criterion ◽  
Fat Tail

scholarly journals Retrospectives: Real and Money Wage Rates

1998 ◽  
Vol 12 (2) ◽  
pp. 223-234 ◽  
Author(s):  
John T Dunlop
Keyword(s):  
General Theory ◽  
Real Wage ◽  
Contemporary Literature ◽  
Real Wages ◽  
John Maynard Keynes ◽  
Common View ◽  
Money Wage ◽  
Macroeconomic Models ◽  
Wage Rates ◽  
Money Illusion

In the General Theory, John Maynard Keynes held money and real wage rates move in opposite directions. In expansion, prices increase faster because of increasing costs and a rise in the proportion of product going to profits. Neoclassical economists held similarly. Money illusion of workers supported their common view. The author's 1938 article rather showed a procyclical pattern, significant to macroeconomic models of the economy. Contemporary literature with new elements of compensation and new measures of wages supports a slightly procyclical relationship. Increased output and employment in expansion do not require lower real wages.

PERFORMANCE EVALUATION WITH WITHIN-INDIVIDUAL COMPARISONS: A PROSPECT THEORY APPROACH.

2007 ◽  
Vol 2007 (1) ◽  
pp. 1-6
Author(s):  
JESSICA Y. Y. KWONG
Keyword(s):  
Performance Evaluation ◽  
Prospect Theory ◽  
Theory Approach

scholarly journals Support and Nonsupport for Nationalist Rebellion: A Prospect Theory Approach

2004 ◽  
Vol 25 (5) ◽  
pp. 703-726 ◽  
Author(s):  
Daniel Masters
Keyword(s):  
Prospect Theory ◽  
Theory Approach

Money Wage Determination Revisited

1968 ◽  
Vol 35 (2) ◽  
pp. 133 ◽  
Author(s):  
O. Eckstein
Keyword(s):  
Wage Determination ◽  
Money Wage
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