Essays in the Theory of Risk-bearing
North-Holland, 1971 - 278 pages
Alternative approaches to the theory of chice in risk-taking situations; Exposition of the theory of choice under uncertainty; The theory of risk aversion; The role of securities in the optimal allocation of risk-bearing; Insurance, risk, and resource allocation; Economic welfare and the allocation of resources to invention; Control in large orgationations.
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Alternative Approaches to the Theory of Choice
Exposition of the Theory of Choice Under Uncer
The Theory of Risk Aversion
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action activities amount appropriate argued argument assumed assumption behavior under uncertainty benefits and costs Bernoulli certainly choose commodity conditional distribution conditional probability distributions consequences consider cost of risk-bearing decisions decreasing defined demand discount discussion economic existence expected return expected value finite follows given Hence Hirshleifer hold hypothesis implies income increasing independent indifferent individual insurance policy law of large Lemma limited marginal utility Marschak maximize measure members of Pn monotone decreasing moral hazard mutually exclusive events observed optimal allocation organization outcome output perfect competition physician possible potential surprise preferred price discrimination price system priori probabilities probability distribution probability measure probability theory problem production profits public investment random variable rate of return rational relative risk aversion relevant risky asset Section secure asset sequence shift social statistical sufficiently large Suppose tion utility function welfare welfare economics yield zero