Lecture

Expected Utility and Risk-Aversion

In course

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Description

This lecture covers the historical development of expected utility theory, starting from Bernouilli's proposal to Von Neumann and Morgenstern's axiomatization. It discusses the concept of risk-aversion, Arrow Pratt measures of risk, and various utility functions. The lecture also explores the critique of expected utility theory, the concept of risk premium, and the implications of risk-aversion in decision-making under uncertainty.

Instructor

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Official source

https://mediaspace.epfl.ch/media/0_1fs4lplj

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Ontological neighbourhood

Theoretical computer science

Programming language theory: High-level programming languages

Theory of computation: Computability theory

Statistics

Statistical inference: Decision theory

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