Non-Expected Utility and Risk Management: A Special Issue of the Geneva Papers on Risk and Insurance Theory
Christian Gollier
ISBN 10: 0792396421 ISBN 13: 9780792396420
Published by Springer, 1995
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Synopsis:
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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Bibliographic Details
Title: Non-Expected Utility and Risk Management: A ...
Publisher: Springer
Publication Date: 1995
Binding: Hardback
Condition: New