Detailed surveys examine risk and uncertainty, from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance

Detailed surveys examine risk and uncertainty, from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance

This paper extends the classic Rothschild-Stiglitz characterization of comparative risk (quot;increasing riskquot;) in two directions. By adopting a more general definition of quot;mean preserving spread,quot; it provides a direct construction of a sequence of MPS's linking any pair of...