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Non-Expected Utility and The Robustness of the Classical Insurance Paradigm: Discussion

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  • Edi Karni

    (Department of Economics, The Johns Hopkins University, 21218-2685 Baltimore, MD)

Abstract

This 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

Suggested Citation

  • Edi Karni, 1995. "Non-Expected Utility and The Robustness of the Classical Insurance Paradigm: Discussion," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 20(1), pages 51-56, June.
    • Handle: RePEc:pal:genrir:v:20:y:1995:i:1:p:51-56
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    Citations

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    Cited by:

    1. Neil A. Doherty & Harris Schlesinger, 2001. "Insurance Contracts and Securitization," CESifo Working Paper Series 559, CESifo.
    2. Safra, Zvi & Segal, Uzi, 2002. "On the Economic Meaning of Machina's Frechet Differentiability Assumption," Journal of Economic Theory, Elsevier, vol. 104(2), pages 450-461, June.
    3. Chris Starmer, 2000. "Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk," Journal of Economic Literature, American Economic Association, vol. 38(2), pages 332-382, June.
    4. Henri Loubergé, 1998. "Risk and Insurance Economics 25 Years After," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 23(4), pages 540-567, October.
    5. Robert F. Nau, 2003. "A Generalization of Pratt-Arrow Measure to Nonexpected-Utility Preferences and Inseparable Probability and Utility," Management Science, INFORMS, vol. 49(8), pages 1089-1104, August.

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