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005			20191021093725.0
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020			_a0-262-07215-7
040			_cIZA
100			_aGollier, Christian _93528
245		4	_aThe Economics of Risk and Time
260			_c2001 _bMIT Press, _aCambridge, Mass. [u.a.],
300			_a445 pages
340			_hD8 05
520			_a This book updates and advances the theory of expected utility as applied to risk analysis and financial decision making. Von Neumann and Morgenstern pioneered the use of expected utility theory in the 1940s, but most utility functions used in financial management are still relatively simplistic and assume a mean-variance world. Taking into account recent advances in the economics of risk and uncertainty, this book focuses on richer applications of expected utility in finance, macroeconomics, and environmental economics. The book covers these topics: expected utility theory and related concepts; the standard portfolio problem of choice under uncertainty involving two different assets; P the basic hyperplane separation theorem and log-supermodular functions as technical tools for solving various decision-making problems under uncertainty; s choice involving multiple risks; the Arrow-Debreu portfolio problem; consumption and saving; the equilibrium price of risk and time in an Arrow-Debreu economy; and dynamic models of decision making when a flow of information on future risks is expected over time. The book is appropriate for both students and professionals. Concepts are presented intuitively as well as formally, and the theory is balanced by empirical considerations. Each chapter concludes with a problem set.
650			_aeconomics of risk _93529
650			_aeconomics of time _93530
650			_aficial sector _93531
650			_aportfolio choice _93532
650			_autility theory _93533
856			_uhttps://mitpress.mit.edu/books/economics-risk-and-time _yPublisher's website
942			_cBO _2ddc