Non-Expected Utility and Risk Management

Name: Non-Expected Utility and Risk Management
Author: Christian Gollier

A Special Issue of the Geneva Papers on Risk and Insurance Theory

Specificaties

Paperback, 150 blz. | Engels

Springer Netherlands | 0e druk, 2010

ISBN13: 9789048157990

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Springer Netherlands 0e druk, 2010 9789048157990

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Samenvatting

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.

Specificaties

ISBN13:9789048157990

Taal:Engels

Bindwijze:paperback

Aantal pagina's:150

Uitgever:Springer Netherlands

Druk:0

Hoofdrubriek:Economie, Inkoop en logistiek

Inhoudsopgave

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.