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

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. Autor: Christian Gollier, Mark J. Machina Wydawnictwo: Springer Rok wydania: 2000 Okładka: twarda Liczba stron: 150 Wymiary: 15.6 x 23.4 x 1.4 cm Ilustracje: VI, 150 p. Język: angielski ISBN: 9780792396420