Economic Decisions Under Uncertainty

The Fundamental Issues Involved Why do we need a theory of uncertainty? It is a fact that almost all man's economic decisions are made under conditions of uncertainty, but this fact alone does not provide a strong enough argument for making the effort necessary to generalize ordinary preference...

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Main Author: Sinn, Hans-Werner
Corporate Author: SpringerLink (Online service)
Format: eBook
Published: Heidelberg Physica-Verlag HD 1989, 1989
Edition:2nd ed. 1989
Online Access:
Collection: Springer Book Archives -2004 - Collection details see MPG.ReNa
Table of Contents:
  • One The Object of Choice under Uncertainty
  • A The Basic Decision-Theoretic Approach
  • B Probabilities
  • Two Rational Behavior under Risk
  • A The Two-Parametric Substitutive Criteria
  • B The Lexicographic Criterion
  • C The Expected-Utility Criterion
  • D Comparison of Preference Functional
  • Appendix 1
  • Appendix 2
  • Three The Structure of Risk Preference
  • A Psychological Aspects of Risk Evaluation
  • B The BLOOS Rule
  • C Arrow’s Hypothesis of Increasing Relative and Decreasing Absolute Risk Aversion
  • Appendix 1
  • Appendix 2
  • Appendix 3
  • Appendix 4
  • Four Multiple Risks
  • A Simultaneous Risks
  • B Sequential Risks
  • Five Areas of Application
  • A Portfolio Theory
  • B The Theory of Currency Speculation
  • C Theory of Insurance Demand
  • List of Abbreviated Journals
  • Author Index