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Machina / Gollier

Non-Expected Utility and Risk Management

A Special Issue of the Geneva Papers on Risk and Insurance Theory

Medium: Buch
ISBN: 978-90-481-5799-0
Verlag: Springer Netherlands
Erscheinungstermin: 05.12.2010
Lieferfrist: bis zu 10 Tage

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.
examines whether the existing results in insurance economics are robust to more general models of behavior under risk.


Produkteigenschaften


  • Artikelnummer: 9789048157990
  • Medium: Buch
  • ISBN: 978-90-481-5799-0
  • Verlag: Springer Netherlands
  • Erscheinungstermin: 05.12.2010
  • Sprache(n): Englisch
  • Auflage: Softcover Nachdruck of hardcover 1. Auflage 1995
  • Produktform: Kartoniert, Previously published in hardcover
  • Gewicht: 248 g
  • Seiten: 150
  • Format (B x H x T): 155 x 235 x 9 mm
  • Ausgabetyp: Kein, Unbekannt
Autoren/Hrsg.

Herausgeber

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.