Non-Expected Utility and Risk Management: A Special Issue of the Geneva Papers on Risk and Insurance Theory by Christian Gollier, Paperback | Barnes & Noble
Non-Expected Utility and Risk Management: A Special Issue of the Geneva Papers on Risk and Insurance Theory

Non-Expected Utility and Risk Management: A Special Issue of the Geneva Papers on Risk and Insurance Theory

by Christian Gollier
     
 
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

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.

Editorial Reviews

Booknews
Presents revised papers from the September 1994 21st Annual Meeting of the European Group of Risk and Insurance Economists at the University of Toulouse, focusing on the use of non-expected utility models for insurance and risk management, and on paradoxes associated with the expected utility paradigm. Topics include non-expected utility and the robustness of the classical insurance paradigm; the comparative statics of deductible insurance in expected- and non-expected utility theories; risk aversion concepts; and functional form problems in modeling insurance and gambling. No index. Annotation c. Book News, Inc., Portland, OR (booknews.com)

Product Details

ISBN-13:
9789048157990
Publisher:
Springer Netherlands
Publication date:
12/05/2010
Edition description:
Softcover reprint of hardcover 1st ed. 1995
Pages:
150
Product dimensions:
6.10(w) x 9.25(h) x 0.01(d)

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