Non-Expected Utility and Risk Management

A Special Issue of the Geneva Papers on Risk and Insurance Theory Engelstalig

Christian Gollier, Mark J. Machina

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Non-Expected Utility and Risk Management - Christian Gollier, Mark J. Machina 1

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Omschrijving

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.