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Beyond Expected Utility: Risk Concepts for Agriculture from a Contemporary Mathmatical Perspective

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  • Weiss, Michael D.
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    Abstract

    Expected utility theory, the most prominent economic model of how individuals choose among alternative rists, exhibits serious deficiencies in describing empirically observed behavior. Consequently, economists are actively searching for a new paradigm to describe behavior under risk. Their mathematical tools, such as functional analysis and measure theory, reflect a new, more sophisticated approach to risk. This article describes the new approach, explains several of the mathematical concepts used, and indicates some of their connections to agricultural modeling.

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    Bibliographic Info

    Article provided by United States Department of Agriculture, Economic Research Service in its journal Journal of Agricultural Economics Research.

    Volume (Year): (2)
    Issue (Month): 2 ()
    Pages:

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    Handle: RePEc:ags:uersja:138007

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    Related research

    Keywords: Individual choice under risk; expected utility theory; risk preference ordering; utility function on a lottery space; Frechet differentiability; random function; random field; Risk and Uncertainty;

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