Overview

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.

Full Product Details

Author:   Christian Gollier ,  Mark J. Machina
Publisher:   Springer
Imprint:   Springer
Edition:   Softcover reprint of hardcover 1st ed. 1995
Dimensions:   Width: 15.50cm , Height: 0.80cm , Length: 23.50cm
Weight:   0.454kg
ISBN:  

9789048157990

ISBN 10:   9048157994
Pages:   150
Publication Date:   05 December 2010
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Manufactured on demand  
We will order this item for you from a manufactured on demand supplier.

Table of Contents

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.

Reviews

Author Information

Tab Content 6

Author Website:  

Customer Reviews

Recent Reviews

No review item found!

Add your own review!

Countries Available

All regions