Non-Expected Utility and The Robustness of the Classical Insurance Paradigm: Discussion
AbstractThis paper discusses some aspects of the robustness of the classical insurance paradigm with respect to departures from the independence axiom of expected utility theory. The discussion focuses on the significance of the distinction between risk aversion and outcome convexity and the role of smoothness of the preferences in non-expected-utility analysis of insurance. The Geneva Papers on Risk and Insurance Theory (1995) 20, 51–56. doi:10.1007/BF01098957
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance Theory.
Volume (Year): 20 (1995)
Issue (Month): 1 (June)
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- Safra, Zvi & Segal, Uzi, 2002.
"On the Economic Meaning of Machina's Frechet Differentiability Assumption,"
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- Neil A. Doherty & Harris Schlesinger, 2001. "Insurance Contracts and Securitization," CESifo Working Paper Series 559, CESifo Group Munich.
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