The Economics of Risk and Time

Hardcover (Print)
Used and New from Other Sellers
Used and New from Other Sellers
from $27.50
Usually ships in 1-2 business days
(Save 50%)
Other sellers (Hardcover)
  • All (8) from $27.50   
  • New (1) from $177.51   
  • Used (7) from $27.50   
Close
Sort by
Page 1 of 1
Showing All
Note: Marketplace items are not eligible for any BN.com coupons and promotions
$177.51
Seller since 2008

Feedback rating:

(196)

Condition:

New — never opened or used in original packaging.

Like New — packaging may have been opened. A "Like New" item is suitable to give as a gift.

Very Good — may have minor signs of wear on packaging but item works perfectly and has no damage.

Good — item is in good condition but packaging may have signs of shelf wear/aging or torn packaging. All specific defects should be noted in the Comments section associated with each item.

Acceptable — item is in working order but may show signs of wear such as scratches or torn packaging. All specific defects should be noted in the Comments section associated with each item.

Used — An item that has been opened and may show signs of wear. All specific defects should be noted in the Comments section associated with each item.

Refurbished — A used item that has been renewed or updated and verified to be in proper working condition. Not necessarily completed by the original manufacturer.

New

Ships from: Chicago, IL

Usually ships in 1-2 business days

  • Standard, 48 States
  • Standard (AK, HI)
Page 1 of 1
Showing All
Close
Sort by

Overview

This book updates and advances the theory of expected utility as applied to risk analysis and financial decision making. Von Neumann and Morgenstern pioneered the use of expected utility theory in the 1940s, but most utility functions used in financial management are still relatively simplistic and assume a meanvariance world. Taking into account recent advances in the economics of risk and uncertainty, this book focuses on richer applications of expected utility in finance, macroeconomics, and environmental economics. The book covers these topics: expected utility theory and related concepts; the standard portfolio problem of choice under uncertainty involving two different assets; the basic hyperplane separation theorem and log-supermodular functions as technical tools for solving various decision-making problems under uncertainty; choice involving multiple risks; the Arrow-Debreu portfolio problem; consumption and saving; the equilibrium price of risk and time in an Arrow-Debreu economy and how risks are traded; and dynamic models of decision making when a flow of information on future risks is expected over time. The book is appropriate for both students and professionals. Concepts are presente dintuitively as well as formally, and the theory is balanced by empirical considerations. Each chapter concludes with a problem set.
Read More Show Less

Editorial Reviews

From the Publisher

"Presents a unified and up-to-date analysis of the expected utility model." Journal of Economic Literature

The MIT Press

Read More Show Less

Product Details

  • ISBN-13: 9780262072151
  • Publisher: MIT Press
  • Publication date: 6/18/2001
  • Pages: 465
  • Product dimensions: 6.00 (w) x 9.00 (h) x 1.25 (d)

Meet the Author

Christian Gollier is Professor of Economics at the University of Toulouse.
Read More Show Less

Table of Contents

1 The expected utility model 3
2 Risk aversion 17
3 Change in risk 39
4 The standard portfolio problem 53
5 The equilibrium price of risk 65
6 A hyperplane separation theorem 81
7 Log-supermodularity 99
8 Risk aversion with background risk 113
9 The tempering effect of background risk 125
10 Taking multiple risks 141
11 The dynamic investment problem 155
12 Special topics in dynamic finance 175
13 The demand for contingent claims 195
14 Risk on wealth 205
15 Consumption under certainty 217
16 Precautionary saving and prudence 235
17 The equilibrium price of time 249
18 The liquidity constraint 269
19 The saving-portfolio problem 285
20 Disentangling risk and time 297
21 Efficient risk sharing 307
22 The equilibrium price of risk and time 327
23 Searching for the representative agent 343
24 The value of information 357
25 Decision making and information 383
26 Information and equilibrium 407
27 Epilogue 423
Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)