Risk Analysis in Theory and Practice

Jean-Paul Chavas

247 pages, parution le 13/07/2004

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Résumé

The objective of this book is to present this analytical framework and to illustrate how it can be used in the investigation of economic decisions under risk. In a sense, the economics of risk is a difficult subject: it involves understanding human decisions in the absence of perfect information. How do we make decisions when we do not know some of events affecting us? The complexities of our uncertain world and of how humans obtain and process information make this difficult. In spite of these difficulties, much progress has been made. First, probability theory is the corner stone of risk assessment. This allows us to measure risk in a fashion that can be communicated among decision makers or researchers. Second, risk preferences are now better understood. This provides useful insights into the economic rationality of decision making under uncertainty. Third, over the last decades, good insights have been developed about the value of information. This helps better understand the role of information in human decision making and this book provides a systematic treatment of these issues in the context of both private and public decisions under uncertainty.

L'auteur - Jean-Paul Chavas

Jean-Paul Chavas : University of Maryland, College Park, USA

Sommaire

Introduction
The Measurement of Risk
The Expected Utility Model
Risk Preferences
Stochastic Dominance
Mean-Variance Analysis
Alternative Models of Risk Behavior
Production Decisions under Risk
Portfolio Selection
Dynamic Decisions under Risk
Contract and Policy Design under Risk
Some Applications
Market Stabilization

Appendix A: Probability and Statistics
Appendix B: Optimization

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Caractéristiques techniques

	PAPIER
Éditeur(s)	Elsevier, Academic Press
Auteur(s)	Jean-Paul Chavas
Parution	13/07/2004
Nb. de pages	247
Format	15,5 x 23,5
Couverture	Relié
Poids	540g
Intérieur	Noir et Blanc
EAN13	9780121706210
ISBN13	978-0-12-170621-0