A theory of insurance and gambling : replacing risk preferences with quid pro quo /

In 1948, Milton Friedman and L.J. Savage suggested that risk preferences explain the demand for insurance & gambling - a theory that is still almost universally accepted by economists today. If you were to ask almost any economist why people purchase insurance, they would say it is because most...

Ausführliche Beschreibung

Gespeichert in:
1. Verfasser:
Nyman, John A.
Format:
Elektronisch E-Book
Sprache:
Englisch
Veröffentlicht:
New York, NY : Oxford University Press, 2024.
Zusammenfassung:
In 1948, Milton Friedman and L.J. Savage suggested that risk preferences explain the demand for insurance & gambling - a theory that is still almost universally accepted by economists today. If you were to ask almost any economist why people purchase insurance, they would say it is because most people are "risk averse," or equivalently, "prefer certainty of losses." If asked to explain why people gamble, they would say it is because some people are "risk seekers." In this book, John A. Nyman critiques this approach & proposes a new theory of the motivations for insurance & gambling. He argues that demand for insurance & gambling is best understood by focusing not on risk preferences, but on the income transfer, the states of the world that trigger the income transfer, & the value of the income in those states.
Umfang:
1 online resource (273 pages)
Anmerkungen:
Also issued in print: 2024.
Zielpublikum:
Specialized.
Bibliografie:
Includes bibliographical references and index.
ISBN:
0-19-768794-6
0-19-768795-4
0-19-768793-8
Schlagworte:
Insurance > Philosophy.
Gambling > Philosophy.
Risk.
Income.
Society.
Insurance & actuarial studies.
Bezugswerke:
Links: