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Axiomatic Utility Theory under Risk
Ulrich Schmidt
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Description for Axiomatic Utility Theory under Risk
Paperback. This review looks at the development in axiomatic utility theory under risk since the axiomatization of expected utility by von Neumann and Morgenstein. It goes on to explore approaches to represent preferences which exhibit boundary effects. Series: Lecture Notes in Economics and Mathematical Systems. Num Pages: 243 pages, biography. BIC Classification: KCA; KJT; PBW. Category: (P) Professional & Vocational; (UP) Postgraduate, Research & Scholarly; (UU) Undergraduate. Dimension: 234 x 156 x 12. Weight in Grams: 720.
The first attempts to develop a utility theory for choice situations under risk were undertaken by Cramer (1728) and Bernoulli (1738). Considering the famous St. Petersburg Paradox! - a lottery with an infinite expected monetary value -Bernoulli (1738, p. 209) observed that most people would not spend a significant amount of money to engage in that gamble. To account for this observation, Bernoulli (1738, pp. 199-201) proposed that the expected monetary value has to be replaced by the expected utility ("moral expectation") as the relevant criterion for decision making under risk. However, Bernoulli's 2 argument and particularly his choice of ... Read more
The first attempts to develop a utility theory for choice situations under risk were undertaken by Cramer (1728) and Bernoulli (1738). Considering the famous St. Petersburg Paradox! - a lottery with an infinite expected monetary value -Bernoulli (1738, p. 209) observed that most people would not spend a significant amount of money to engage in that gamble. To account for this observation, Bernoulli (1738, pp. 199-201) proposed that the expected monetary value has to be replaced by the expected utility ("moral expectation") as the relevant criterion for decision making under risk. However, Bernoulli's 2 argument and particularly his choice of ... Read more
Product Details
Format
Paperback
Publication date
1998
Publisher
Springer-Verlag Berlin and Heidelberg GmbH & Co. KG Germany
Number of pages
243
Condition
New
Series
Lecture Notes in Economics and Mathematical Systems
Number of Pages
228
Place of Publication
Berlin, Germany
ISBN
9783540643197
SKU
V9783540643197
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
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