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Více informací o knize Distorted Probabilities and Choice under Risk

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Anotace knihy

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.

Parametry knihy

Zařazení knihy Knihy v angličtině Economics, finance, business & management Economics Economic theory & philosophy

• Plný název: Distorted Probabilities and Choice under Risk
• Autor: Clemens Puppe
• Jazyk: Angličtina
• Vazba: Brožovaná
• Počet stran: 100
• EAN: 9783540542476
• ISBN: 3540542477
• ID: 01565427
• Nakladatelství: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
• Hmotnost: 148 g
• Rozměry: 235 × 156 × 8 mm
• Datum vydání: 10. July 1991

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