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 actual additional allocation amount approaches appropriate argued argument asset assumed assumption behavior benefits certainly choice choose commodity competitive consequences consider costs course decisions decreasing defined demand depend discussion economic effect equal example existence expected fact finite firm follows further given Hence hold hypothesis implies important income increasing independent indifferent individual investment knowledge lead less limited loss maximize means measure nature Note observed occurs optimal ordering organization outcome particular physician positive possible preferred probability distribution problem production profits random reasonable regarded relation relative respect result risk aversion risk-bearing rules secure sense sequence shift shown social sufficiently Suppose theorem theory tion uncertainty usual utility function variable wealth yield