By Christian Gollier (auth.), Christian Gollier, Mark Machina (eds.)
Expected software presents basic, testable homes of the optimal habit that are supposed to be displayed via risk-averse participants in dicy judgements. concurrently, given the lifestyles of paradoxes below the predicted application paradigm, anticipated software can purely be considered as an approximation of exact habit. A extra lifelike version is required. this can be really real while treating attitudes towards small likelihood occasions: the traditional scenario for insurable dangers.
Non-Expected application and possibility Management examines even if the present ends up in assurance economics are strong to extra basic types of habit less than risk.
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Extra info for Non-Expected Utility and Risk Management: A Special Issue of the Geneva Papers on Risk and Insurance Theory
1968]: "The Theory of Syndicates;' Econometrica, 36, 119-132. 50 MARK J. MACIDNA YAARI, M. : "Convexity in the Theory of Choice Under Risk," Quarterly Journal of Economics, 79, 278-290. YAARI, M. : "Some Remarks on Measures of Risk Aversion and on Their Uses," Journal of Economic Theory, 1, 315-329. Reprinted in Diamond and Rothschild . YAARI, M. : "The Dual Theory of Choice Under Risk," Econometrica, 55, 95-115. The Geneva Papers on Risk and Insurance Theory, 20: 51-56 (1995) © 1995 The Geneva Association Non-Expected Utility and the Robustness of the Classical Insurance Paradigm: Discussion EDI KARNI Department of Economics, The Johns Hopkins University, Baltimore, MD 21218-2685 Abstract This paper discusses some aspects of the robustness of the classical insurance paradigm with respect to departures from the independence axiom of expected utility theory.
BORCH, K. : "The Safety Loading of Reinsurance Premiums," Skandinavisk Aktuarietidskrijt, 163-184. Reprinted in BOTCh . BORCH, K. : "The Utility Concept Applied to the Theory of Insurance;' Astin But/etin, 1, 245-255. Reprinted in BOTCh . BORCH, K. : "Equilibrium in a Reinsurance Market," Econometrica, 30, 424-444. Reprinted in BOTCh  and in Dionne and Harrington . BORCH, K. : Economics ojlnsUTUllCe. North Holland, Amsterdam. (Completed by K. Aase and A.
NON-EXPECTED UTILITY: DISCUSSION 55 3. " The identification of results that are nonrobust is of particular interest since they may serve to test the alternative theories. An inherent aspect of expected-utility theory that requires special consideration in non-expected-utility theories is dynamic consistency. 9 It will be interesting, therefore, to find out if there are insurance-market phenomena, possibly involving sequential insurance decisions, that may shed some light on the issue of dynamic consistency.