The Economics of Risk and Time (MIT Press)

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( 6 valoraciones por Goodreads )
 
9780262572248: The Economics of Risk and Time (MIT Press)

This book updates and advances the theory of expected utility as applied to risk analysis and financial decision making. Von Neumann and Morgenstern pioneered the use of expected utility theory in the 1940s, but most utility functions used in financial management are still relatively simplistic and assume a mean-variance world. Taking into account recent advances in the economics of risk and uncertainty, this book focuses on richer applications of expected utility in finance, macroeconomics, and environmental economics.

The book covers these topics: expected utility theory and related concepts; the standard portfolio problem of choice under uncertainty involving two different assets; P the basic hyperplane separation theorem and log-supermodular functions as technical tools for solving various decision-making problems under uncertainty; s choice involving multiple risks; the Arrow-Debreu portfolio problem; consumption and saving; the equilibrium price of risk and time in an Arrow-Debreu economy; and dynamic models of decision making when a flow of information on future risks is expected over time. The book is appropriate for both students and professionals. Concepts are presented intuitively as well as formally, and the theory is balanced by empirical considerations. Each chapter concludes with a problem set.

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About the Author:

Christian Gollier is Professor of Economics at the University of Toulouse, FFSA Chair of Insurance at the Institut d'Economie Industrielle, and coordinator of the European area network in Applied Microeconomics at CESifo.

Review:

Christian Gollier, one of the foremost contemporary researchers on the economics of uncertainty, has written an instant classic. this path-breaking book weaves with dazzling mastery the common thread of the economics of risk and time through microeconomic theory, macroeconomics, and finance. This is a feat no one has accomplished before. This book is therefore a must read for a broad audience: graduate students in economics and finance, superior undergraduates, and researchers will all find it a source of knowledge and inspiration.

(Philippe Weil, Professor of Economics and Co-Director, European Centre for Advanced Research in Economics and Statistics, Universite Libre de Bruxelles)

Gollier's treatise on risk and time will be the bible for future finance theory and practice. Get your copy; read and reread. Keep ahead of the competitive mob.

(Paul A. Samuelson, MIT)

Presents a unified and up-to-date analysis of the expected utility model.

(Journal of Economic Literature)

An authoritative, state-of-the art compendium on expected utility, the savings/portfolio choice problem, and much more.

(Jacques Dreze, Center for Operations Research and Econometrics (CORE), Université catholique de Louvain, Belgium)

Christian Gollier offers a lucid and comprehensive treatment of the theory of expected utility. He clarifies the deep structure of the theory, and systematically explores the connections between observed decisions and the preferences that generate them. This book will be an invaluable resource for students of choice under uncertainty.

(John Y. Campbell, Department of Economics, Harvard University)

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Gollier, Christian
Editorial: MIT Press (2004)
ISBN 10: 0262572249 ISBN 13: 9780262572248
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Descripción MIT Press, 2004. PAP. Estado de conservación: New. New Book. Shipped from US within 10 to 14 business days. THIS BOOK IS PRINTED ON DEMAND. Established seller since 2000. Nº de ref. de la librería IQ-9780262572248

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Descripción MIT Press (MA) 8/20/2004, 2004. Paperback or Softback. Estado de conservación: New. The Economics of Risk and Time. Book. Nº de ref. de la librería BBS-9780262572248

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Descripción MIT Press Ltd, United States, 2004. Paperback. Estado de conservación: New. Language: English . Brand New Book ***** Print on Demand *****. This book updates and advances the theory of expected utility as applied to risk analysis and financial decision making. Von Neumann and Morgenstern pioneered the use of expected utility theory in the 1940s, but most utility functions used in financial management are still relatively simplistic and assume a mean-variance world. Taking into account recent advances in the economics of risk and uncertainty, this book focuses on richer applications of expected utility in finance, macroeconomics, and environmental economics.The book covers these topics: expected utility theory and related concepts; the standard portfolio problem of choice under uncertainty involving two different assets; P the basic hyperplane separation theorem and log-supermodular functions as technical tools for solving various decision-making problems under uncertainty; s choice involving multiple risks; the Arrow-Debreu portfolio problem; consumption and saving; the equilibrium price of risk and time in an Arrow-Debreu economy; and dynamic models of decision making when a flow of information on future risks is expected over time. The book is appropriate for both students and professionals. Concepts are presented intuitively as well as formally, and the theory is balanced by empirical considerations. Each chapter concludes with a problem set. Nº de ref. de la librería APC9780262572248

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Christian Gollier
Editorial: MIT Press Ltd, United States (2004)
ISBN 10: 0262572249 ISBN 13: 9780262572248
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Descripción MIT Press Ltd, United States, 2004. Paperback. Estado de conservación: New. Language: English . Brand New Book ***** Print on Demand *****.This book updates and advances the theory of expected utility as applied to risk analysis and financial decision making. Von Neumann and Morgenstern pioneered the use of expected utility theory in the 1940s, but most utility functions used in financial management are still relatively simplistic and assume a mean-variance world. Taking into account recent advances in the economics of risk and uncertainty, this book focuses on richer applications of expected utility in finance, macroeconomics, and environmental economics.The book covers these topics: expected utility theory and related concepts; the standard portfolio problem of choice under uncertainty involving two different assets; P the basic hyperplane separation theorem and log-supermodular functions as technical tools for solving various decision-making problems under uncertainty; s choice involving multiple risks; the Arrow-Debreu portfolio problem; consumption and saving; the equilibrium price of risk and time in an Arrow-Debreu economy; and dynamic models of decision making when a flow of information on future risks is expected over time. The book is appropriate for both students and professionals. Concepts are presented intuitively as well as formally, and the theory is balanced by empirical considerations. Each chapter concludes with a problem set. Nº de ref. de la librería APC9780262572248

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Descripción The MIT Press, 2004. Paperback. Estado de conservación: New. Nº de ref. de la librería INGM9780262572248

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Descripción The MIT Press. Paperback. Estado de conservación: New. Paperback. 465 pages. Dimensions: 8.8in. x 5.9in. x 1.0in.This book updates and advances the theory of expected utility as applied to risk analysis and financial decision making. Von Neumann and Morgenstern pioneered the use of expected utility theory in the 1940s, but most utility functions used in financial management are still relatively simplistic and assume a mean-variance world. Taking into account recent advances in the economics of risk and uncertainty, this book focuses on richer applications of expected utility in finance, macroeconomics, and environmental economics. The book covers these topics: expected utility theory and related concepts; the standard portfolio problem of choice under uncertainty involving two different assets; P the basic hyperplane separation theorem and log-supermodular functions as technical tools for solving various decision-making problems under uncertainty; s choice involving multiple risks; the Arrow-Debreu portfolio problem; consumption and saving; the equilibrium price of risk and time in an Arrow-Debreu economy; and dynamic models of decision making when a flow of information on future risks is expected over time. The book is appropriate for both students and professionals. Concepts are presented intuitively as well as formally, and the theory is balanced by empirical considerations. Each chapter concludes with a problem set. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Paperback. Nº de ref. de la librería 9780262572248

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Descripción The MIT Press. PAPERBACK. Estado de conservación: New. 0262572249 Special order direct from the distributor. Nº de ref. de la librería ING9780262572248

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