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Incertidumbre: loterías y riesgo
[Uncertainty: lotteries and risk]

Author

Listed:
  • Ávalos, Eloy

Abstract

In this paper we develop the theory of uncertainty in a context where the risks assumed by the individual are measurable and manageable. We primarily use the definition of lottery to formulate the axioms of the individual's preferences, and its representation through the utility function von Neumann - Morgenstern. We study the expected utility theorem and its properties, the paradoxes of choice under uncertainty and finally the measures of risk aversion with monetary lotteries.

Suggested Citation

  • Ávalos, Eloy, 2011. "Incertidumbre: loterías y riesgo
    [Uncertainty: lotteries and risk]
    ," MPRA Paper 42339, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:42339
    as

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    File URL: https://mpra.ub.uni-muenchen.de/42339/1/MPRA_paper_42339.pdf
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    References listed on IDEAS

    as
    1. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    2. Adolfo Figueroa, 1993. "Crisis distributiva en el Perú," Libros PUCP / PUCP Books, Fondo Editorial - Pontificia Universidad Católica del Perú, edition 1, number lde-1993-03.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Incertidumbr; riesgo; lotería simple; lotería compuesta; utilidad esperada; paradoja de San Petersburgo; paradoja de Allais; paradoja de Ellsberg; prima de riesgo; aversión al riesgo;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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