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Axiomatic Utility Theory under Risk: Non-Archimedean Representations and Application to Insurance Economics

By Ulrich Schmidt
Paperback
$54.99
By Ulrich Schmidt

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The first attempts to develop a utility theory for choice situations under risk were undertaken by Cramer (1728) and Bernoulli (1738). Considering the famous St. Petersburg Paradox! - a lottery with an infinite expected monetary value -Bernoulli (1738, p. 209) observed that most people would not spend a significant amount of money to engage in that gamble. To account for this observation, Bernoulli (1738, pp. 199-201) proposed that the expected monetary value has to be replaced by the expec...

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