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Non-Expected Utility and Risk Management

A Special Issue of the Geneva Papers on Risk and Insurance Theory

  • Editors
  • Christian Gollier
  • Mark Machina

About this book

Introduction

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.

Keywords

Risk Management economics management modeling utility

Bibliographic information

  • DOI https://doi.org/10.1007/978-94-017-2440-1
  • Copyright Information Springer Science+Business Media B.V. 1995
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-90-481-5799-0
  • Online ISBN 978-94-017-2440-1
  • Buy this book on publisher's site
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