Non-Expected Utility and Risk Management
A Special Issue of the Geneva Papers on Risk and Insurance Theory
Published on 30. September 1995
Book
Hardback
VI, 150 pages
978-0-7923-9642-0 (ISBN)
Description
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.
Non-Expected Utility and Risk Management examines whether the existing results in insurance economics are robust to more general models of behavior under risk.
More details
Edition
Spin-off from the GENEVA PAPERS ON RISK AND INSURANCE THEORY; 20:1 (1995)., 1995
Language
English
Place of publication
Dordrecht
Netherlands
Target group
Professional and scholarly
Research
Illustrations
VI, 150 p.
Dimensions
Height: 241 mm
Width: 160 mm
Thickness: 14 mm
Weight
404 gr
ISBN-13
978-0-7923-9642-0 (9780792396420)
DOI
10.1007/978-94-017-2440-1
Schweitzer Classification
Other editions
Additional editions
Christian Gollier | Mark J. Machina
Non-Expected Utility and Risk Management
A Special Issue of the Geneva Papers on Risk and Insurance Theory
E-Book
03/2013
Springer
€96.29
Available for download
Christian Gollier | Mark J. Machina
Non-Expected Utility and Risk Management
A Special Issue of the Geneva Papers on Risk and Insurance Theory
Book
12/2010
Springer
€106.99
Shipment within 15-20 days
Content
Introductory Note.- Non-Expected Utility and the Robustness of the Classical Insurance Paradigm.- Non-Expected Utility and the Robustness of the Classical Insurance Paradigm: Discussion.- The Comparative Statics of Deductible Insurance in Expected- and Non-Expected-Utility Theories.- Risk Aversion Concepts in Expected- and Non-Expected-Utility Models.- Government Action, Biases in Risk Perception, and Insurance Decisions.- A Comparison of the Estimates of Expected Utility and Non-Expected-Utility Preference Functionals.- Functional Form Problems in Modeling Insurance and Gambling.