Non-Expected Utility and Risk Management (eBook)

A Special Issue of the Geneva Papers on Risk and Insurance Theory

Christian Gollier, Mark J. Machina (Herausgeber)

eBook Download: PDF

2013
Springer Netherlands (Verlag)
978-94-017-2440-1 (ISBN)

Infos

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 risk.

Produkt-Details

• Erscheint lt. Verlag: 14.3.2013
• Sprache: englisch
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• ISBN-10: 94-017-2440-7 / 9401724407
• ISBN-13: 978-94-017-2440-1 / 9789401724401