New Economics of Risk & Uncertainty : Theory & Applications
Book Details
Format
Paperback / Softback
ISBN-10
1612095941
ISBN-13
9781612095943
Publisher
Nova Science Publishers Inc
Imprint
Nova Science Publishers Inc
Country of Manufacture
US
Country of Publication
GB
Publication Date
Aug 3rd, 2011
Print length
111 Pages
Weight
256 grams
Dimensions
25.30 x 17.90 x 0.80 cms
Product Classification:
Economics
Ksh 15,300.00
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In this book, the author presents a completely alternative theoretical framework that can serve as the basis for a new age of economic analysis under risk and uncertainty. The new theory extends and simplifies the current and recent results. For example, an endogenous theory is presented that overcomes the major shortcomings of both the expected utility and the rank-dependent models while it possesses the merits of both. As another example, a new definition of risk-aversion is discussed within the expected utility framework, where risk-aversion and diminishing marginal utility are not synonymous, and the (standard) statistical independence assumption is needless.
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