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What is Economics of Risk and Time Theory about?
The document provides an overview of expected utility theory and concepts related to risk and time in economics. It introduces the expected utility model, outlines key aspects like risk aversion and changes in risk. The expected utility model uses von Neumann-Morgenstern utility functions and assumes agents make choices to maximize expected utility. Risk aversion is characterized using concepts like risk premium, certainty equivalent, and the Arrow-Pratt approximation. Comparative risk aversion and decreasi
- Author
- Trúc Linh
- Language
- EN