Non-Expected Utility and Risk Management (eBook, PDF)

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

• Format: PDF

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 Netherlands
• Seitenzahl: 150
• Erscheinungstermin: 14. März 2013
• Englisch
• ISBN-13: 9789401724401
• Artikelnr.: 44183875

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.