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Book synopsis

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.

Book details

Book category Książki po angielsku Economics, finance, business & management Business & management Management & management techniques

• Full title: Non-Expected Utility and Risk Management
• Author: Christian Gollier, Mark J. Machina
• Language: English
• Binding: Hardback
• Number of pages: 150
• EAN: 9780792396420
• ISBN: 0792396421
• ID: 01398365
• Publisher: Springer
• Weight: 880 g
• Dimensions: 234 × 156 × 12 mm
• Date of publishing: 30. September 1995

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