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: 54.13 EUR
Availability: InStock

Autor: Clemens Puppe

Jazyk:

Väzba: Brožovaná

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

Dostupnosť: Skladom u dodávateľa v malom množstve

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54.13 €

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

Informácie o knihe

Autor

Clemens Puppe

Jazyk

Angličtina

Väzba

Kniha - Brožovaná

Vydalo

1991

Stránok

100

EAN

9783540542476

ISBN

3540542477

Enbook ID

01565427

Vydavateľ

Springer-Verlag Berlin and Heidelberg GmbH & Co. KG

Hmotnosť

148

Rozmery

156 x 235 x 8

Kompletný popis

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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