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Distorted Probabilities and Choice under Risk (Lecture Notes in Economics and Mathematical Systems) [Paperback]

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Item description for Distorted Probabilities and Choice under Risk (Lecture Notes in Economics and Mathematical Systems) by Clemens Puppe...

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.



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Item Specifications...


Pages   100
Est. Packaging Dimensions:   Length: 9.06" Width: 6.06" Height: 0.31"
Weight:   0.44 lbs.
Binding  Softcover
Release Date   Aug 8, 1991
Publisher   Springer
ISBN  3540542477  
ISBN13  9783540542476  


Availability  81 units.
Availability accurate as of Mar 27, 2017 02:50.
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1Books > Subjects > Business & Investing > Economics > General
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