Non-expected Utility and Risk Management : A Special Issue of the Geneva Papers on Risk and Insurance Theory Free Download


Ebook Non-expected Utility and Risk Management : A Special Issue of the Geneva Papers on Risk and Insurance Theory in PDF - Download Free! Category: Economic Theory & Philosophy
Language: English
Format files: PDF, EPUB, TXT, DOC
The size of the: 828 KB
City - Country: Dordrecht, Netherlands
The author of the book: Christian Gollier
Edition: Springer
Date of issue: 05 Dec 2010
EAN: 9048157994
ISBN: 9789048157990

Full description of the book "Non-expected Utility and Risk Management : A Special Issue of the Geneva Papers on Risk and Insurance Theory":

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.


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About the author Christian Gollier

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