Non-Expected Utility and Risk Management: A Special Issue of the Geneva Papers on Risk and Insurance Theory

ISBN 10: 9048157994 / ISBN 13: 9789048157990

Verlag: Springer, 2010

Beschreibung

Bestandsnummer des Verkäufers I-9789048157990

Bibliografische Details

• Titel: Non-Expected Utility and Risk Management: A Special Issue of the Geneva Papers on Risk and Insurance Theory
• Verlag: Springer
• Erscheinungsjahr: 2010
• Sprache: Englisch
• ISBN-10: 9048157994
• ISBN-13: 9789048157990
• Einband: Softcover
• Zustand: New

Über diesen Titel

Inhaltsangabe

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.