Robert F. Bordley
University of Michigan
Special caseAgency (philosophy)Machine learningEmpirical researchSkewnessPerformance indicatorMathematical economicsOutcome (game theory)Probability distributionEconometricsArtificial intelligenceActuarial scienceEconomicsChoice setSet (psychology)AxiomMicroeconomicsEquivalence (measure theory)Cardinal utilityDecision analysisCognitive biasDiscrete choiceRange (mathematics)Expected utility hypothesisHard–easy effectValue (economics)Loss aversionPreference (economics)Compensation (psychology)Task (project management)Flexibility (engineering)Market sentimentIncentiveUtility theoryMathematicsProspect theoryComputer scienceSkewFunction (engineering)Contract theoryMixed logit
25Publications
4H-index
48Citations
Publications 23
Newest
#1Robert F. BordleyH-Index: 4
#2Luisa TibilettiH-Index: 9
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#1Robert F. Bordley (UM: University of Michigan)H-Index: 4
#2Jeffrey M. Keisler (University of Massachusetts Boston)H-Index: 26
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#1Robert F. Bordley (UM: University of Michigan)H-Index: 4
#2Jeffrey M. Keisler (University of Massachusetts Boston)H-Index: 26
Last. Tom M. Logan (UM: University of Michigan)H-Index: 5
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Abstract In conventional project management, the project manager is given a deadline and is responsible for making decisions assuming this deadline will not change. But in reality, project deadlines frequently change. Conventional project management addresses unanticipated changes in the project deadline with external change control processes. If this external process changes the deadline, the manager will replace the original deadline with the modified deadline. The manager is still suppose to ...
5 CitationsSource
#1Robert F. Bordley (UM: University of Michigan)H-Index: 4
Target-oriented utility theory interprets the utility of a consequence as the probability of the consequence exceeding some benchmark random variable. This shifts the focus of utility assessment to the identification of the benchmark and the sources of uncertainty in that benchmark. Identification of the benchmark is often easy when the benchmark is based on a status quo outcome, a preferred outcome or an undesirable outcome. Benchmarks are generally easy to communicate and easy to track. Once i...
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#1Robert F. Bordley (UM: University of Michigan)H-Index: 4
#2Aneel Karnani (UM: University of Michigan)H-Index: 27
Abstract In a decentralized multi-product firm, different products within the firm sometimes compete with one another for the same customers. This paper proposes managing such cannibalistic behavior with incentives. Designing the appropriate incentives requires detailed information on how the sales of one product impact the profitability of other products. As this paper shows, the only additional information required is the second choice preferences of buyers. Drawing on successful development b...
2 CitationsSource
#1Robert F. Bordley (UM: University of Michigan)H-Index: 4
#2Marco LiCalzi (Ca' Foscari University of Venice)H-Index: 14
Last. Luisa Tibiletti (UNITO: University of Turin)H-Index: 9
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The “hard-easy effect” is a well-known cognitive bias on self-confidence calibration that refers to a tendency to overestimate the probability of success in hard-perceived tasks, and to underestimate it in easy-perceived tasks. This paper provides a target-based foundation for this effect, and predicts its occurrence in the expected utility framework when utility functions are S-shaped and asymmetrically tailed. First, we introduce a definition of hard-perceived and easy-perceived task based on ...
2 CitationsSource
In their pioneering works on prospect theory Kahneman and Tversky (1979, 1992) propose the ground-breaking idea that in making decisions under risk individuals evaluate asymmetrically losses and gains against to a personal reference point. According to the Kahneman and Tversky (1979) statement “losses loom larger than gains”, individuals display loss aversion. However, Sacchi and Stanca (2014) argue that people may exhibit gain appetite that states that “gains loom larger than losses”. Although ...
#1Robert F. BordleyH-Index: 4
#2Luisa TibilettiH-Index: 9
Last. Mariacristina UbertiH-Index: 4
view all 3 authors...
In their pioneering works on prospect theory Kahneman and Tversky (1979, 1992) propose the ground-breaking idea that in making decisions under risk individuals evaluate asymmetrically losses and gains against to a personal reference point. According to the Kahneman and Tversky (1979) statement “losses loom larger than gains”, individuals display loss aversion. However, Sacchi and Stanca (2014) argue that people may exhibit gain appetite that states that “gains loom larger than losses”. Although ...
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#1Robert F. Bordley (UM: University of Michigan)H-Index: 4
#2Luisa Tibiletti (UNITO: University of Turin)H-Index: 9
How does market trend sentiment affect investors’ asymmetric loss-gain tradeoffs? Several empirical tests indicate that investors are far more loss adverse during bull markets than during bear markets (see Hwang and Satchell, 2010; Hofschire et al, 2013). In this paper we provide a sound theoretical foundation for this empirical evidence. First, we discuss how to identify the subjectively perceived market trend sentiment. Then, we propose a reference dependent definition of loss aversion and gai...
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#1Robert F. Bordley (UM: University of Michigan)H-Index: 4
Bayes Rule specifies how probabilities over parameters should be updated given any kind of information. But in some cases, the kind of information provided by both simulation and physical experiments is information on how certain output parameters may change when other input parameters are changed. There are three different approaches to this problem, one of which leads to the Garbage-In/Garbage-Out Paradox, the second of which (Bayesian synthesis) violates the Borel Paradox, and the third of wh...
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