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
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505 0 |a Introductory Note -- Non-Expected Utility and the Robustness of the Classical Insurance Paradigm -- Non-Expected Utility and the Robustness of the Classical Insurance Paradigm: Discussion -- The Comparative Statics of Deductible Insurance in Expected- and Non-Expected-Utility Theories -- Risk Aversion Concepts in Expected- and Non-Expected-Utility Models -- Government Action, Biases in Risk Perception, and Insurance Decisions -- A Comparison of the Estimates of Expected Utility and Non-Expected-Utility Preference Functionals -- Functional Form Problems in Modeling Insurance and Gambling 
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653 |a Finance 
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653 |a Microeconomics 
653 |a Economic Theory/Quantitative Economics/Mathematical Methods 
653 |a Decision making 
653 |a Economic theory 
653 |a Finance, general 
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520 |a 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