Non-Expected Utility and Risk Management
A Special Issue of the Geneva Papers on Risk and Insurance Theory
Published on 14. March 2013
VI, 150 pages
978-94-017-2440-1 (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.
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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
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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.
