Distorted Probabilities and Choice under Risk

Name: Distorted Probabilities and Choice under Risk
Brand: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
SKU: 9783540542476
Price: 59.14 EUR
Availability: InStock

Автор: Clemens Puppe

Език:

Корици: С меки корици

Издател: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG

Наличност: Външен склад в ограничено количество

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59.14 € 115.66 лв

This book provides a systematic, formal treatment of a recently proposed extension of the expected u...

Информация за книгата

Автор

Clemens Puppe

Език

Английски език

Корици

Книга - С меки корици

Издадена

1991

страници

100

EAN

9783540542476

ISBN

3540542477

Enbook ID

01565427

Издател

Springer-Verlag Berlin and Heidelberg GmbH & Co. KG

Теглоt

148

Размери

156 x 235 x 8

Пълно описание

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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Distorted Probabilities and Choice under Risk

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