|
|
Sold Out
Book Categories |
Introduction 1
Theory and Methodology 5
A Serious Specific Scenario for a Serious Risky Choice Theory 7
What Expected Utility Theory Really Is: What Its Notion of Risk Aversion Excludes 11
Restrictions on How Outcomes Map into Utilities 11
Ramsey Versus the Friedman-Savage Version of EUT 13
The Changed Meaning of "Risk Attitude" 13
Restrictions on the Aggregation of Utilities 14
Primary and Secondary Satisfactions 17
Primary Satisfactions 17
Secondary Satisfactions 18
Earlier Terminologies 19
Emotional Secondary Satisfactions in Insurance 21
Emotional Secondary Satisfactions in Other Contexts 22
The von Neumann-Morgenstern Contradiction When Including Secondary Satisfactions Solved with Stages of Knowledge 25
Material Secondary Satisfactions and Planning 35
The Flawed "Primitive" Re-definition of the EUT Outcomes Space 36
Temporal EUT 38
The Missed Connection of Temporal EUT With the von Neumann-Morgenstern Complementarities 40
Misconceptions About Secondary Satisfactions 41
Inappropriate Tests of Secondary Satisfactions 41
Misleadingly Denigratory Examples of Secondary Satisfactions 42
Multiple Choice Fallacies 43
Inconsistent Elaborations of EUT 45
Violations of the Dominance Principle 46
Introduction of Contradictions 48
Biases in Experimental Set-ups That Ignore Secondary Satisfactions 49
SKAT, The Stages of Knowledge Ahead Theory 53
Self Reports Versus Scientists' Own Introspection and Related Reliability Issues 59
Experiments 65
Participants and Their Choices 67
Participants 67
The Scenario: Potential Monetary Payoffs 68
Choices Made 70
Experiences of Terrorism and Preoccupations With Violence 71
The Ordering of the Risks 73
Willingness to Pay Compared with Choices in a Dictated Choice Set 77
Choice Set Effects 79
EUT's Technique for Deducing Utility Shapes 82
EUT's Modal Double Twist "Utility Function" Deduction 84
EUT Implied Utility Shapes Classification and Summary 86
No Participant With Implied EUT Constant Relative Risk Aversion 90
Only 5% With Implied EUT Linear Utility 90
The Typical Multiple Inflection Points in the EUT Implied "Utility" Functions 90
The Incompatibility of the Weird Implied Shapes with EUT Axioms 91
The Role of Secondary Satisfactions 97
Method: Reported Reasons for Choice 97
Findings on Motivations 99
EUT Disobeyed 100
Algorithms Versus Global Maximising Procedures 105
Choice Motivators 105
The Minority Using Expected Net Value 106
Non-usage of EUT With a Curved Utility Function 107
Minimal Role for Rank Dependent Generalisations of EUT 108
Minor Usage of Conservative Atemporal Aggregation Weights 109
Minor Usage of Aspiring Atemporal Aggregation Weights 110
Non-Numerical Treatment of Conflicting Motivations 110
Framing, Context and Choice Set Impacts on Heuristics 111
Insurance Provision by Governments and Firms 119
Summary and Directions for Further Research 125
Experimental Results in Detail 127
Utility Shapes 153
Questionnaire 199
Glossary / Acronyms 201
References 205
Author Index 219
Subject Index 223
| Price | Condition | Delivery | Seller | Action |
| $119.00 | Digital |
| WonderClub |
Warren Johnson
reviewed The Knowledge Ahead Approach to Risk: Theory and Experimental Evidence on January 11, 2017
The Knowledge Ahead Approach to Risk: Theory and Experimental Evidence
In this book, insurance lawyer Eric D. Gerst defends his stance on the need for federal regulation of the insurance industry. His argument is swift and compelling, and he backs all claims with significant research into the insights of industry leaders as well as the anecdotal experience of many consumers. To say that the material in this book is quite shocking would be a gross understatement, unless you or someone you know has ever been burned by the insurance industry. Sadly, too many Americans have had negative experiences with their insurers, making the included anecdotes that much more compelling, as they stand for a common experience rather than an anomaly.
Perhaps the most valuable element of this book is its inclusion of a viable solution and plan of implementation. Rather than simply identifying the current issues, a point to which many authors seem to limit their analysis, Gerst includes and supports his opinion of the best possible solution. The book is thus quite biased, but not undeservedly so. Because Gerst is able to so strongly defend his position, his platform becomes a good launch point for further discussion and, hopefully, eventual implementation of insurance industry reform (whatever that reform may ultimately be).
One of Gerst's greatest strengths as a writer is his conciseness, even brevity. At the end of chapter 9, rather than offering a lengthy summary of everything he has discussed in the preceding pages, he concludes by stating simply, "The options are on the table. We need to act." His agenda is clear throughout the text, and he does not mince words trying to make anyone feel good about useless options. I admire that approach. Even though it may not win him friends among his opposition, it is ultimately a far more utilitarian approach for reducing confusion and wasting less time.
This book is also especially valuable as a teaching tool for those that may be unfamiliar with many of the intricacies of the insurance industry. Gerst writes with simple yet compelling prose that offers a wealth of specific details in a straightforward and uncomplicated manner. While industry experts may find the inclusion of such detail somewhat tedious and redundant, it provides a significant boon for the average reader not previously familiar with the complexities of industry laws and regulations. This book forces readers to take a good hard look at the current state of affairs in the insurance industry, and contemplate the specific types of reform that will help the industry avoid meltdown and move toward success for insurers, the insured, and state and federal regulators alike.
Login|Complaints|Blog|Games|Digital Media|Souls|Obituary|Contact Us|FAQ
CAN'T FIND WHAT YOU'RE LOOKING FOR? CLICK HERE!!! X
You must be logged in to add to WishlistX
This item is in your Wish List
X
This item is in your Collection
The Knowledge Ahead Approach to Risk: Theory and Experimental Evidence
X
This Item is in Your Inventory
The Knowledge Ahead Approach to Risk: Theory and Experimental Evidence
X
You must be logged in to review the productsX
X
X
Add The Knowledge Ahead Approach to Risk: Theory and Experimental Evidence, This book is written for those seeking a decision theory appropriate for use in serious choices such as insurance. It employs stages of knowledge ahead to track satisfactions and dissatisfactions. From experimental and questionnaire data, people take into, The Knowledge Ahead Approach to Risk: Theory and Experimental Evidence to the inventory that you are selling on WonderClubX
X
Add The Knowledge Ahead Approach to Risk: Theory and Experimental Evidence, This book is written for those seeking a decision theory appropriate for use in serious choices such as insurance. It employs stages of knowledge ahead to track satisfactions and dissatisfactions. From experimental and questionnaire data, people take into, The Knowledge Ahead Approach to Risk: Theory and Experimental Evidence to your collection on WonderClub |
