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Non-Expected Utility and Risk Management

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

  • Book
  • © 1995

Overview

Editors:
  1. Christian Gollier
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  2. Mark Machina
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Table of contents (8 chapters)

  1. Front Matter

    Pages 1-5
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  2. Introductory Note

    • Christian Gollier
    Pages 7-8

  3. Non-Expected Utility and the Robustness of the Classical Insurance Paradigm

    • Mark J. Machina
    Pages 9-50

  4. Non-Expected Utility and the Robustness of the Classical Insurance Paradigm: Discussion

    • Edi Karni
    Pages 51-56

  5. The Comparative Statics of Deductible Insurance in Expected- and Non-Expected-Utility Theories

    • Edward E. Schlee
    Pages 57-72

  6. Risk-Aversion Concepts in Expected- and Non-Expected-Utility Models

    • Michèle D. Cohen
    Pages 73-91

  7. Government Action, Biases in Risk Perception, and Insurance Decisions

    • W. Kip Viscusi
    Pages 93-110

  8. A Comparison of the Estimates of Expected Utility and Non-Expected-Utility Preference Functionals

    • Enrica Carbone, John D. Hey
    Pages 111-133

  9. Functional Form Problems in Modeling Insurance and Gambling

    • W. Erwin Diewert
    Pages 135-150
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Keywords

About this book

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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