Name: distorted probabilities and choice under risk (en Inglés)
Price: 94430.00 CLP
Availability: InStock
Author: puppe
ISBN: 9783540542476

portada distorted probabilities and choice under risk (en Inglés)

Formato

Libro Físico

Editorial

springer publishing map

Autor

puppe

Idioma

Inglés

N° páginas

100

ISBN

3540542477

ISBN13

9783540542476

Categorías

Seguros

distorted probabilities and choice under risk (en Inglés)

Puppe (Autor) · springer publishing map · Libro Físico

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Reseña del libro "distorted probabilities and choice under risk (en Inglés)"

this book provides a systematic, formal treatment of a recently proposed extension of the expected utility model of choice under risk: the so-called rank-dependent utility model. in this approach the representation of preferences is based upon a (generalized) utility function defined on the outcome/probability-plane. the main purpose of the book is to demonstrate the flexibility of this model with respect to its explanatory power. this is achieved by analyzing a certain subclass of the rank-dependent utility approach which incorporates the notion of price-dependent distortions of probabilities. this particular approach captures an optimistic point of view towards gambling (as can often be observed), whilst being compatible with a suitably formulated concept of risk aversion. the resulting model is used to explain some of the observed behavioral patterns as the allais-paradox and the behavior described by the friedman-savage hypothesis.