Incertidumbre: loterías y riesgo.

Ávalos, Eloy (2011): Incertidumbre: loterías y riesgo.

Abstract

In this paper we develop the theory of uncertainty in a context where the risks assumed by the individual are measurable and manageable. We primarily use the definition of lottery to formulate the axioms of the individual's preferences, and its representation through the utility function von Neumann - Morgenstern. We study the expected utility theorem and its properties, the paradoxes of choice under uncertainty and finally the measures of risk aversion with monetary lotteries.

• Item Type: MPRA Paper
• English Title: Uncertainty: lotteries and risk
• Language: Spanish
• Keywords: Incertidumbr; riesgo; lotería simple; lotería compuesta; utilidad esperada; paradoja de San Petersburgo; paradoja de Allais; paradoja de Ellsberg; prima de riesgo; aversión al riesgo
• Subjects: D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty; D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D80 - General

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