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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
Paperback. Editor(s): Gollier, Christian; Machina, Mark J. Num Pages: 150 pages, biography. BIC Classification: KCA; KCC; KFFK; KJT. Category: (P) Professional & Vocational. Dimension: 235 x 155 x 8. Weight in Grams: 248.
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
Paperback
Publication date
2010
Publisher
Springer Netherlands
Number of pages
150
Condition
New
Number of Pages
150
Place of Publication
Dordrecht, Netherlands
ISBN
9789048157990
SKU
V9789048157990
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
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