Non Expected Utility And Risk Management A Special Issue Of The Geneva Papers On Risk And Insurance Theory(1st Edition)
Authors:
Christian Gollier , Mark J. Machina
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ISBN: 9048157994, 978-9048157990
Book publisher: Springer
Non Expected Utility And Risk Management A Special Issue Of The Geneva Papers On Risk And Insurance Theory 1st Edition 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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