Efficient Risk-sharing and the Dual Theory of Choice under Risk
نویسنده
چکیده
Since the work of von Neumann and Morgenstern (1944), expected utility theory has been the dominant framework for analyzing decision making under uncertainty. Consequently, Borch (1960) also assumed in his pioneering paper on efficient risksharing that all individuals are expected utility maximizers. Since the work of Borch (1960), efficient risk-sharing has been extensively treated in the expected utility framework (see Gollier, 1992, and Eeckhoudt and Gollier, 1995, for reviews).
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