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Punctuality and Optimal Departure Time Under Uncertainty

Student: Anton Polous

Supervisor: Tatiana Mayskaya

Faculty: Faculty of Economic Sciences

Educational Programme: Economics and Economic Policy (Master)

Year of Graduation: 2024

A departure time problem with risk-averse agent is studied. The results suggests that while becoming more risk averse, the agent would choose a greater safety margin (depart earlier), until the degree of risk aversion is high enough, after which the agent prefers to drop a safety margin to zero in order to overcome uncertainty. The impact of risk aversion on the optimal safety margin is determined by the relative magnitude of insurance and uncertainty effects. In a multi-agent model players always change their equilibrium safety margins in one direction as a response to a change in a characteristic of one player.

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