Non-Expected Utility and Risk Management (Paperback)

Christian Gollier

ISBN 10: 9048157994 / ISBN 13: 9789048157990

Editore: Springer, Dordrecht, 2010

Paperback. 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. 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. Shipping may be from our Sydney, NSW warehouse or from our UK or US warehouse, depending on stock availability. Codice articolo 9789048157990

Riassunto:

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.

Contenuti: 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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Titolo: Non-Expected Utility and Risk Management (...
Casa editrice: Springer, Dordrecht
Data di pubblicazione: 2010
Legatura: Paperback
Condizione: new
Edizione: prima edizione