Non-Expected Utility and Risk Management
A Special Issue of the Geneva Papers on Risk and Insurance Theory
Published on 5. December 2010
Book
Paperback/Softback
VI, 150 pages
978-90-481-5799-0 (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
Softcover reprint of hardcover 1st ed. 1995
Language
English
Place of publication
Dordrecht
Netherlands
Target group
Professional and scholarly
Research
Illustrations
VI, 150 p.
Dimensions
Height: 235 mm
Width: 155 mm
Thickness: 9 mm
Weight
248 gr
ISBN-13
978-90-481-5799-0 (9789048157990)
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
Book
09/1995
Kluwer Academic Publishers
€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.