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

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Description

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.

Product Specifications

Format
paperback
Domain
Amazon UK
Release Date
05 December 2010
Listed Since
20 September 2010

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