Non-Expected Utility and Risk Management

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

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Description

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.
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Product details

  • Hardback | 150 pages
  • 159 x 243.3 x 14.2mm | 367.42g
  • Dordrecht, Netherlands
  • English
  • Spin-off from the GENEVA PAPERS ON RISK AND INSURANCE THEORY; 20:1 (1995)., 1995
  • VI, 150 p.
  • 0792396421
  • 9780792396420

Table of contents

Editor' Note. Introductory Note; C. Gollier. Non-Expected Utility and the Robustness of the Classical Insurance Paradigm; M.J. Machina. Non-Expected Utility and the Robustness of the Classical Insurance Paradigm: Discussion; E. Karni. The Comparative Statics of Deductible Insurance in Expected and Non-expected Utility Theories; E.E. Schlee. Risk Aversion Concepts in Expected and Non- expected Utility Models; M. Cohen. Government Action, Biases in Risk Perception, and Insurance Decisions; W.K. Viscusi. A Comparison of the Estimates of EU and non-EU Preference Functionals Using Data from Pairwise Choice and Complete Ranking Experiments; E. Carbone, J.D. Hey. Functional Form Problems in Modelling Insurance and Gambling; W.E. Diewert.
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