Poptávková funkce na trhu s pojištěním: porovnání maximalizace paretovské pravděpodobnosti přežití s teorií EUT von Neumanna a Morgensterna s ...

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Title:Poptávková funkce na trhu s pojištěním: porovnání maximalizace paretovské pravděpodobnosti přežití s teorií EUT von Neumanna a Morgensterna s ...
Creators:
Hlaváček, Jiří
Hlaváček, Michal
Journal or Publication Title:
AUCO Czech Economic Review, 1, 2, pp. 116-135
Uncontrolled Keywords:human decisions under risk, probability of agent’s survival, expected-utility theory, asymmetric value function

Abstract

This paper presents the results of a comparison of an original theoretical concept of modeling human decisions under risk with two well-known models. In the paper the demand function for insurance is constructed for the model of maximization of the probability of agent’s (economical) survival. This demand function is compared with the demand function in two other models: the expected-utility theory (von Neumann, Morgenstern) and the asymmetric value function (Kahneman, Tversky). While in the expected-utility model the poorest agents are most interested in insurance, in the Kahneman-Tversky model the poorest agents do not buy insurance because of their liking for risk. The model of maximisation of the probability of survival corresponds better to the real structure of the insured: neither extremely rich people, nor extremely poor people accept insurance contracts. The former do not accept the game because of the negative expected value of the gains. For the latter the insurance is too expensive in relation to their income.

Official URL: http://www.ceeol.com/aspx/issuedetails.aspx?issueid=589A24B7-D005-49C5-93EF-8782D73A778F&articleid=BDD38258-9CEC-4E46-ABE8-073FC3D04DF1

Title:Poptávková funkce na trhu s pojištěním: porovnání maximalizace paretovské pravděpodobnosti přežití s teorií EUT von Neumanna a Morgensterna s ...
Translated title:Demand function in the insurance market: a comparison of maximization of pareto probability of survival and of von Neumann-Mongerstern EU theory and..
Creators:
Hlaváček, Jiří
Hlaváček, Michal
Uncontrolled Keywords:human decisions under risk, probability of agent’s survival, expected-utility theory, asymmetric value function
Subjects:H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
H Social Sciences > HF Commerce
Divisions:Section of external journals > AUCO Czech Economic Review
Journal or Publication Title:AUCO Czech Economic Review
Volume:1
Number:2
Page Range:pp. 116-135
ISSN:1802-4696
Publisher:Charles University
Related URLs:
URLURL Type
http://auco.cuni.czPublisher
http://avi.lib.cas.cz/node/183Publisher
ID Code:4302
Item Type:Article
Deposited On:01 Jun 2009 18:32
Last Modified:01 Jun 2009 16:32

Citation

Hlaváček, Jiří; Hlaváček, Michal (2007) Poptávková funkce na trhu s pojištěním: porovnání maximalizace paretovské pravděpodobnosti přežití s teorií EUT von Neumanna a Morgensterna s ... AUCO Czech Economic Review, 1 (2). pp. 116-135. ISSN 1802-4696

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