Description

This research review assesses the ground-breaking contributions to the evolution of knowledge in the economics of risk and time, from its early twentieth-century explorations to its current diversity of approaches. The analysis focuses first on the basic decisions under uncertainty, and then on asset pricing. It further discusses both classical expected utility approach and its non-expected utility generalizations, with applications to dynamic portfolio choices, insurance, risk sharing, and risk prevention. This review will be valuable for scholars in finance and macroeconomics, particularly those with an interest in the modeling foundations of consumer and investor decisions under uncertainty.

The Economics of Risk and Uncertainty

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Hardback by Christian Gollier

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This research review assesses the ground-breaking contributions to the evolution of knowledge in the economics of risk and time, from... Read more

    Publisher: Edward Elgar Publishing Ltd
    Publication Date: 27/07/2018
    ISBN13: 9781786432742, 978-1786432742
    ISBN10: 1786432749

    Number of Pages: 896

    Non Fiction , Business, Finance & Law

    Description

    This research review assesses the ground-breaking contributions to the evolution of knowledge in the economics of risk and time, from its early twentieth-century explorations to its current diversity of approaches. The analysis focuses first on the basic decisions under uncertainty, and then on asset pricing. It further discusses both classical expected utility approach and its non-expected utility generalizations, with applications to dynamic portfolio choices, insurance, risk sharing, and risk prevention. This review will be valuable for scholars in finance and macroeconomics, particularly those with an interest in the modeling foundations of consumer and investor decisions under uncertainty.

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