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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

PublisherSpringer-Verlag Berlin and Heidelberg Gmbh & Co. Kg

ISBN-139783540542476

eBay Product ID (ePID)94770203

Product Key Features

Number of Pages100 Pages

LanguageEnglish

Publication NameDistorted Probabilities and Choice under Risk

Publication Year1991

SubjectEconomics, Management

TypeTextbook

AuthorClemens Puppe

Subject AreaData Analysis

FormatPaperback

Dimensions

Item Height242 mm

Item Weight390 g

Item Width170 mm

Volume363

Additional Product Features

Country/Region of ManufactureGermany

Title_AuthorClemens Puppe

Series TitleLecture Notes in Economics and Mathematical Systems