Non-Expected Utility and Risk Management : A Special Issue of the Geneva Papers on Risk and Insurance Theory /
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 act...
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| Format: | eBook |
| Language: | English |
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Dordrecht :
Springer Netherlands,
1995.
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| Online Access: | Connect to the full text of this electronic book |
| Summary: | 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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| Item Description: | Electronic resource. |
| Physical Description: | 1 online resource (150 pages) |
| ISBN: | 9789401724401 (electronic bk.) 9401724407 (electronic bk.) |