Christian Gollier & Mark J. Machina 
Non-Expected Utility and Risk Management [PDF ebook] 
A Special Issue of the Geneva Papers on Risk and Insurance Theory

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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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Língua Inglês ● Formato PDF ● ISBN 9789401724401 ● Editor Christian Gollier & Mark J. Machina ● Editora Springer Netherlands ● Publicado 2013 ● Carregável 3 vezes ● Moeda EUR ● ID 4719303 ● Proteção contra cópia Adobe DRM
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