A Theory of Risk without Expected Utility

This paper shows that both the expected utility and non-expected utility theories are contradictory and restrictive. It then develops a two-dimensional stochastic model to explain the risky activities, for both hosts and customers, of both gambling and insurance. Anomalies, paradoxes and biases turn out to be perfectly rational

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Year of publication:	[2013]
Authors:	Choi, Hak
Publisher:	[2013]: [S.l.] : SSRN

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Extent:	1 Online-Ressource (28 p)
Type of publication:	Book / Working Paper
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 1, 2008 erstellt
Other identifiers:	10.2139/ssrn.1276206 [DOI]
Classification:	D81 - Criteria for Decision-Making under Risk and Uncertainty ; D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving ; G22 - Insurance; Insurance Companies
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012710966