This book updates and advances the theory of expected utility as applied to risk analysis and financial decision making. Christian gollier is professor of economics at the university of toulouse. The economics of risk and time christian gollier the mit press cambridge, massachusetts london, england. We use discrete examples for time and for probabilities throughout the text. Taking into account recent advances in the economics of risk and uncertainty, this book focuses on richer applications of expected utility in. Notes for economics 285, the economics of uncertainty, pp. The book starts by introducing the basic concepts of risk and risk aversion that are crucial throughout the rest of the text. Economics of uncertainty finance insurance environmental economics. The economics of risk and time books gateway mit press. Part two of the text applies these basic concepts to a multitude of personal decisions under risk. Econometrics of financial markets, princeton university press, 1997, and christian gollier, the economics of risk and time, mit press, 2001.
Christian gollier offers a lucid and comprehensive treatment of the theory of expected utility. The economics of risk and time christian gollier gremaq and idei, university of toulouse may 27, 1999. Part 3 uses the results about personal decision making to show how markets for risk are organized and how risky assets. Other readings are available on the course website. He clarifies the deep structure of the theory, and systematically. The economics of risk and time mit press by christian gollier 2004 0820 paperback january 1, 1715 4. This book updates and advances the theory of expected utility as applied to risk analysis and financial decision. The economics of risk and time mit press by christian.
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