Christian Gollier / Mark J. Machina (Hgg.)

Non-Expected Utility and Risk Management

A Special Issue of the Geneva Papers on Risk and Insurance Theory
Herausgegeben:Gollier, Christian; Machina, Mark J.

• Gebundenes Buch

Produktbeschreibung

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.

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Produktdetails

• Verlag: Springer / Springer Netherlands
• Artikelnr. des Verlages: 978-0-7923-9642-0
• 1995.
• Seitenzahl: 154
• Erscheinungstermin: 30. September 1995
• Englisch
• Abmessung: 241mm x 160mm x 14mm
• Gewicht: 399g
• ISBN-13: 9780792396420
• ISBN-10: 0792396421
• Artikelnr.: 22152117

Inhaltsangabe

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.