Non-Expected Utility and Risk Management: A Special Issue of the Geneva Papers on Risk and Insurance Theory (Hardcover) (ISBN-13: 9780792396420)

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.

Author: Christian Gollier
ISBN-10: 0792396421
ISBN-13: 9780792396420
Publisher: Springer
Language: English
Published: 09/30/1995
Pages: 150
Format: Hardcover
Weight: 0.81lbs
Size: 9.58h x 6.26w x 0.56d