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Non-Expected Utility and Risk Management
. Ed(S): Gollier, Christian; Machina, Mark J.
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Description for Non-Expected Utility and Risk Management
Hardback. This text examines whether the existing results in insurance economics are robust to more general models of behaviour under risk. Editor(s): Gollier, Christian; Machina, Mark J. Num Pages: 150 pages, biography. BIC Classification: KJMD; KJMV1. Category: (P) Professional & Vocational; (UP) Postgraduate, Research & Scholarly. Dimension: 234 x 156 x 11. Weight in Grams: 399.
Expected utility provides simple, testable properties of the optimum behavior that should be displayed by risk-averse individuals in risky decisions. Simultaneously, given the existence of paradoxes under the expected utility paradigm, expected utility can only be regarded as an approximation of actual behavior. A more realistic model is needed. This is particularly true when treating attitudes toward small probability events: the standard situation for insurable risks.
Non-Expected Utility and Risk Management examines whether the existing results in insurance economics are robust to more general models of behavior under ... Read more
Expected utility provides simple, testable properties of the optimum behavior that should be displayed by risk-averse individuals in risky decisions. Simultaneously, given the existence of paradoxes under the expected utility paradigm, expected utility can only be regarded as an approximation of actual behavior. A more realistic model is needed. This is particularly true when treating attitudes toward small probability events: the standard situation for insurable risks.
Non-Expected Utility and Risk Management examines whether the existing results in insurance economics are robust to more general models of behavior under ... Read more
Product Details
Format
Hardback
Publication date
1995
Publisher
Kluwer Academic Publishers United States
Number of pages
150
Condition
New
Number of Pages
150
Place of Publication
Dordrecht, Netherlands
ISBN
9780792396420
SKU
V9780792396420
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
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