Dear colleagues:
You are invited to the DAS Webinar, which features Prof Bob Nau, a Professor Emeritus in the Fuqua School of Business at Duke University. He is the 2025 Frank P. Ramsey Medal winner, and will give a talk titled "Arbitrage and Rational Decisions".
Abstract: This talk will present a brief overview of some key topics and results in Bob's research that are discussed in his recently published book, of which a draft copy is available for free on his web site. These topics include the importance of having money (in your mind as well as in your pocket), the centrality of the separating-hyperplane theorem in all of the main branches of rational choice theory (it's where the numbers come from), the intrinsic imprecision and inseparability of subjective probabilities and utilities (with apologies to Ramsey and Savage), the use of risk neutral probabilities (a tool from finance) in modeling aversion to ambiguity as well as risk, and the direct unification of game theory with decision analysis and finance theory via the common rationality principle of no-arbitrage. Among the findings are tools for decision modeling that do not require separating probabilities from utilities, a generalization of the Arrow-Pratt risk aversion measure that applies to non-expected-utility preferences, a so-called smooth model of ambiguity-averse preferences (as exhibited in Ellsberg's paradox), and a rationale for considering correlated equilibrium rather than Nash equilibrium as the fundamental solution concept of noncooperative game theory.
This event will take place virtually on Jan 14th (Wed), 8AM PT / 11AM EST / 5PM CET. Please find below the link to register your name and email address.
https://us06web.zoom.us/webinar/register/WN_pERqe_BbTdG3NkL3tUk7PA
After registering, you will receive a confirmation email containing a calendar link and the ZOOM link to join the meeting.
You can find more information about our webinar series in the link below and register there also.
https://connect.informs.org/das/events/webinars
We look forward to seeing you there!
Many thanks,
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Zhi Chen
Assistant Professor
National University of Singapore
Singapore
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