Haim Levy
Biographic Data
| ID | 3710086 |
|---|---|
| NAME | Haim Levy |
| GIVEN NAMES | Haim |
| FAMILY NAME | Levy |
| SIGNATURE | LEVY H |
| AFFILIATIONS | Hebrew University of Jerusalem and the Academic Center of Law and Business |
| ORCID | 0000-0001-8623-3507 |
| VERIFIED | Yes |
| TOTAL WORKS | 9 |
| TOTAL CITATIONS | 1 |
| AUTHOR COUNT | 9 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1975 |
| LATEST PUBLICATION YEAR | 2020 |
| H-INDEX | 1 |
Probability Dominance
The most commonly employed paradigms for decision making under risk are expected utility, prospect theory, and regret theory. We examine the simple heuristic of maximizing the probability of being ahead, which in some natural economic situations may be in contradiction to all three of the above fundamental paradigms. We test whether this heuristic, which we call probability dominance (PD), affects decisions under risk. We set up head-to-head situ…
First Degree Stochastic Dominance Violations: Decision Weights and Bounded Rationality
Expected Utility Theory, Rank Dependent Expected Utility and Cumulative Prospect Theory imply no First Degree Stochastic Dominance (FSD) violations. Prospect Theory and Configural Weight models either allow for FSD violation or even predict this phenomenon. I find experimentally that FSD violations are not significant, and hence conclude that they are due to bounded rationality rather than to a systematic and predictable effect. Moreover, the mor…
Investment Talent and the Pareto Wealth Distribution: Theoretical and Experimental Analysis
The empirically documented Pareto wealth distribution at high wealth levels implies rather extreme wealth inequality. Is this inequality primarily due to differential talent, or is it due to luck? The answer to this question has profound political, social, and philosophical implications, as well as implications regarding market efficiency. We address this question theoretically and with a unique investment experiment with equal initial endowments…
The Capital Asset Pricing Model: Theory and Empiricism
Journal Article The Capital Asset Pricing Model: Theory and Empiricism Get access Haim Levy Haim Levy University of Jerusalem Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 93, Issue 369, 1 March 1983, Pages 145–165, https://doi.org/10.2307/2232170 Published: 01 March 1983
The Capital Asset Pricing Model and the Investment Horizon: Reply
Efficiency Analysis with Borrowing and Lending: Criteria and Their Effectiveness
Fama, Eugene F., and James D. MacBeth, Return and Equilibrium: Empirical Tests, Journal of Political Economy 81 (May 1973), 607-636. Jensen, Michael C., Foundations and Current State of Market Theory, in Michael C. Jensen (ed.), Studies in the Theory of Markets (New York: Praeger Publishers, 1972). Johnston, John, Econometric Methods (New York: McGraw-Hill Book Company, 1972), 345-346. Levy, Robert A., On the Short-Term Stationarity of Beta Coeff…
Project Evaluation, Government Intervention and the Price of Foreign Exchange
L'intervention gouvernementale, dont le but est d'encourager l'investissement, et en particulier l'exportation, est un phénomène commun dans plusieurs pays industrialisés et dans presque tous les pays sous-développés. Cet article analyse les prix implicites des échanges extérieurs dans l'économie israélienne induits de l'aide et les incitations gouvernementales à l'exportation. Nous présentons plusieurs méthodes pour le calcul du prix des échange…
The Capital Asset Pricing Model and the Investment Horizon
TN following the mean-variance analysis developed by Markowitz (1952) and Tobin (1958), Sharpe (1964), Lintner (1965a, b) and Treynor (1961) have developed the theory for determination of asset prices under conditions of uncertainty. The equilibrium asset pricing model, and its implication for measuring ex post performance of individual securities, have been empirically tested by Lintner,1 Jensen (1968, 1972), Miller and Scholes (1972), Douglas (…
Investment Incentives and the Allocation of Resources
First Degree Stochastic Dominance Violations: Decision Weights and Bounded Rationality
Expected Utility Theory, Rank Dependent Expected Utility and Cumulative Prospect Theory imply no First Degree Stochastic Dominance (FSD) violations. Prospect Theory and Configural Weight models either allow for FSD violation or even predict this phenomenon. I find experimentally that FSD violations are not significant, and hence conclude that they are due to bounded rationality rather than to a systematic and predictable effect. Moreover, the mor…
Investment Incentives and the Allocation of Resources
The Capital Asset Pricing Model and the Investment Horizon
TN following the mean-variance analysis developed by Markowitz (1952) and Tobin (1958), Sharpe (1964), Lintner (1965a, b) and Treynor (1961) have developed the theory for determination of asset prices under conditions of uncertainty. The equilibrium asset pricing model, and its implication for measuring ex post performance of individual securities, have been empirically tested by Lintner,1 Jensen (1968, 1972), Miller and Scholes (1972), Douglas (…
Efficiency Analysis with Borrowing and Lending: Criteria and Their Effectiveness
Fama, Eugene F., and James D. MacBeth, Return and Equilibrium: Empirical Tests, Journal of Political Economy 81 (May 1973), 607-636. Jensen, Michael C., Foundations and Current State of Market Theory, in Michael C. Jensen (ed.), Studies in the Theory of Markets (New York: Praeger Publishers, 1972). Johnston, John, Econometric Methods (New York: McGraw-Hill Book Company, 1972), 345-346. Levy, Robert A., On the Short-Term Stationarity of Beta Coeff…
Project Evaluation, Government Intervention and the Price of Foreign Exchange
L'intervention gouvernementale, dont le but est d'encourager l'investissement, et en particulier l'exportation, est un phénomène commun dans plusieurs pays industrialisés et dans presque tous les pays sous-développés. Cet article analyse les prix implicites des échanges extérieurs dans l'économie israélienne induits de l'aide et les incitations gouvernementales à l'exportation. Nous présentons plusieurs méthodes pour le calcul du prix des échange…
The Capital Asset Pricing Model and the Investment Horizon: Reply
The Capital Asset Pricing Model: Theory and Empiricism
Journal Article The Capital Asset Pricing Model: Theory and Empiricism Get access Haim Levy Haim Levy University of Jerusalem Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 93, Issue 369, 1 March 1983, Pages 145–165, https://doi.org/10.2307/2232170 Published: 01 March 1983
Investment Talent and the Pareto Wealth Distribution: Theoretical and Experimental Analysis
The empirically documented Pareto wealth distribution at high wealth levels implies rather extreme wealth inequality. Is this inequality primarily due to differential talent, or is it due to luck? The answer to this question has profound political, social, and philosophical implications, as well as implications regarding market efficiency. We address this question theoretically and with a unique investment experiment with equal initial endowments…
First Degree Stochastic Dominance Violations: Decision Weights and Bounded Rationality
Expected Utility Theory, Rank Dependent Expected Utility and Cumulative Prospect Theory imply no First Degree Stochastic Dominance (FSD) violations. Prospect Theory and Configural Weight models either allow for FSD violation or even predict this phenomenon. I find experimentally that FSD violations are not significant, and hence conclude that they are due to bounded rationality rather than to a systematic and predictable effect. Moreover, the mor…
Probability Dominance
The most commonly employed paradigms for decision making under risk are expected utility, prospect theory, and regret theory. We examine the simple heuristic of maximizing the probability of being ahead, which in some natural economic situations may be in contradiction to all three of the above fundamental paradigms. We test whether this heuristic, which we call probability dominance (PD), affects decisions under risk. We set up head-to-head situ…
Economics (9 works) · Financial Markets and Investment Strategies (5 works) · Mathematics (5 works) · Microeconomics (5 works) · Computer Science (4 works) · Economic theories and models (4 works) · Monetary economics (4 works) · Business (3 works) · Capital asset pricing model (3 works) · Econometrics (3 works)