Handbook of the Economics of Risk and Uncertainty, 1st Edition

  • Published By:
  • ISBN-10: 0444536868
  • ISBN-13: 9780444536860
  • DDC: 338.5
  • Grade Level Range: College Freshman - College Senior
  • 896 Pages | eBook
  • Original Copyright 2014 | Published/Released February 2014
  • This publication's content originally published in print form: 2014

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The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments.

Table of Contents

Front Cover.
Half Title Page.
Title Page.
Copyright Page.
Preface 1.
Preface 2.
1: Axiomatic Foundations of Expected Utility and Subjective Probability.
2: Rationality and Dynamic Consistency under Risk and Uncertainty.
3: The Theory of Risk and Risk Aversion.
4: Assessment and Estimation of Risk Preferences.
5: Insurance and Insurance Markets.
6: Uncertainty and Imperfect Information in Markets.
7: The Value of Individual and Societal Risks to Life and Health.
8: Economic Analysis of Risk and Uncertainty Induced by Health Shocks: A Review and Extension.
9: Regulating Occupational and Product Risks.
10: Environmental Risk and Uncertainty.
11: Economics of Natural Catastrophe Risk Insurance.
12: Non-Expected Utility Models under Objective Uncertainty.
13: Ambiguity and Ambiguity Aversion.
14: Choice Under Uncertainty: Empirical Methods and Experimental Results.