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Item Details
| Title:
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NON-EXPECTED UTILITY AND RISK MANAGEMENT
A SPECIAL ISSUE OF THE GENEVA PAPERS ON RISK AND INSURANCE THEORY |
| By: |
Christian Gollier (Editor), Mark J. Machina (Editor) |
| Format: |
Hardback |
| List price:
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£129.99 |
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| ISBN 10: |
0792396421 |
| ISBN 13: |
9780792396420 |
| Publisher: |
SPRINGER |
| Pub. date: |
30 September, 1995 |
| Edition: |
Spin-off from the GENEVA PAPERS ON RISK AND INSURANCE THEORY; 20:1 |
| Pages: |
150 |
| Description: |
This text examines whether the existing results in insurance economics are robust to more general models of behaviour under risk. |
| 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. |
| Illustrations: |
VI, 150 p. |
| Publication: |
Netherlands |
| Imprint: |
Springer |
| Returns: |
Returnable |
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