Clemens Puppe

Distorted Probabilities and Choice under Risk (eBook, PDF)

• Format: PDF

Produktbeschreibung

The book develops a new model of individual choice under risk within the general framework of rank-dependent utility theory. The new approach captures simultaneously an optimistic attitude towards gambling and risk averse behavior. The model is then applied to some of the observed behavioral patterns contradicting the expected utility hypothesis.

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Produktdetails

• Verlag: Springer Berlin Heidelberg
• Seitenzahl: 100
• Erscheinungstermin: 6. Dezember 2012
• Englisch
• ISBN-13: 9783642582035
• Artikelnr.: 53155558

Inhaltsangabe

1 Axiomatic Utility Theory under Risk.- 1.1 Historical Overview.- 1.2 The Axiomatic Basis of Expected Utility Theory.- 1.3 The Empirical Evidence against the Independence Axiom.- 1.4 Non-Linear Utility Theory under Risk.- 2 A Rank-Dependent Utility Model with Prize-Dependent Distortion of Probabilities.- 2.1 Rank-Dependent Utility Theory Reconsidered.- 2.2 Homogeneity on Elementary Lotteries.- 2.3 Further Evidence for Prize-Dependent Distortions of Probabilities.- 2.4 A Characterization Theorem.- 2.5 Rank-Dependent Utility Theory and Relative Utility.- 2.6 A Generalized Model.- 3 Risk Aversion.- 3.1 Risk Aversion in the General Rank-Dependent Utility Model.- 3.2 Risk Aversion and Homogeneity.- 3.3 Decreasing Risk Aversion.- 3.4 The Friedman-Savage Hypothesis.- Conclusion.- References.