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Distorted Probabilities and Choice under Risk by Clemens Puppe (Paperback, 1991)

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About this product

Product Information

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.

Product Identifiers

Publisher
Springer-Verlag Berlin and Heidelberg Gmbh & Co. Kg
ISBN-13
9783540542476
eBay Product ID (ePID)
94770203

Product Key Features

Subject Area
Data Analysis
Author
Clemens Puppe
Publication Name
Distorted Probabilities and Choice under Risk
Format
Paperback
Language
English
Subject
Economics, Management
Publication Year
1991
Type
Textbook
Number of Pages
100 Pages

Dimensions

Item Height
242mm
Item Width
170mm
Volume
363
Item Weight
390g

Additional Product Features

Title_Author
Clemens Puppe
Series Title
Lecture Notes in Economics and Mathematical Systems
Country/Region of Manufacture
Germany

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