Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

If an agent's preferences over subjectively uncertain acts are consistent with his or her having a subjective probability distribution over the states of nature, then those preferences can induce ...

WE do not make a general statement to the effect that subjective probabilities in all situations diminish with increase in age, but merely refer to the subjective probability of winning the uncertain ...