{download eBook} The Economics of Risk and Time (The MIT Press)Author Christian Gollier – Z55z.co

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 s, 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


5 thoughts on “The Economics of Risk and Time (The MIT Press)

  1. Davide_86 Davide_86 says:

    Libro scritto bene, semplice e intuitivo Lo consiglio.


  2. Ayleene Ayleene says:

    I m a french student, so not really used to read english books to study my lessons, but this one is made in a very simple english, and it s easy to understand It s clear, I recommend it to anyone who wants to buy something for studying Economics of Risk.The only thing I think is missing is the correction of the exercise It could be very useful to train.


  3. Aaron C. Brown Aaron C. Brown says:

    I used this for a course in 2010 and found very little to update It works from the basics to advanced topics, using the minimum required mathematics which is a moderate amount One of its great virtues is even handedness, different results are presented with advantages and disadvantages in particular, no pretense is made that assumptions made for mathematical tractability have theoretical or empirical support.One quibble is the notation is not consistent This is probably an advantage for a single reader working through the book, it means everything is defined as needed rather than having long sections on definitions At no point does the changing notation make the text unclear But if you re flipping back and forth between chapters, or using it as a reference, it can be a little confusing.


  4. Michael Michael says:

    Arrived in a timely manner Product is as advertised Very happy about this product and the seller.


  5. Tash C. Tash C. says:

    Amazing book connecting all the dots you know in asset pricing, macro, general equil um, etc You come out of it refreshed, feeling you are a different person.