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

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 act...

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Corporate Author: SpringerLink (Online service)
Other Authors: Gollier, Christian (Editor), Machina, Mark J. (Editor)
Format: eBook
Language:English
Published: Dordrecht Springer Netherlands 1995, 1995
Edition:1st ed. 1995
Subjects:
Online Access:
Collection: Springer Book Archives -2004 - Collection details see MPG.ReNa
Summary: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
Physical Description:VI, 150 p online resource
ISBN:9789401724401