Munich Personal RePEc Archive

Incertidumbre: loterías y riesgo.

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

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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.

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