| Non-Expected Utility and Risk Management: A Special Issue of the Geneva Papers on Risk and Insurance Theory Contributor(s): Gollier, Christian (Editor), Machina, Mark J. (Editor) |
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ISBN: 9048157994 ISBN-13: 9789048157990 Publisher: Springer OUR PRICE: $104.49 Product Type: Paperback - Other Formats Published: December 2010 |
| Additional Information |
| BISAC Categories: - Business & Economics | Insurance - General - Business & Economics | Operations Research - Business & Economics | Economics - Theory |
| Dewey: 368 |
| Physical Information: 0.33" H x 6.14" W x 9.21" (0.49 lbs) 150 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: 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. |
