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Risk as a primitive: A survey of measures of perceived risk

Brachinger, H. ; Weber, M.

In: Operations-Research-Spektrum, 1997, vol. 19, no. 4, p. 235-250

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    Titre
    • Risk as a primitive: A survey of measures of perceived risk
    Auteur
    • Brachinger, H.. Seminar für Statistik/Séminaire de Statistique, University of Fribourg, Avenue de Beauregard 13, CH-1700, Fribourg, Switzerland
    • Weber, M.. Lehrstuhl für Allgemeine BWL, Finanzwirtschaft, insbesondere Bankbetriebslehre, University of Mannheim, D-68131, Mannheim, Germany
    Type de document
    • Postprint
    Langue
    • Anglais
    Publié dans
    • Operations-Research-Spektrum, 1997, vol. 19, no. 4, p. 235-250. Springer-Verlag
    Autre version électronique
    Identifiant OAI-PMH
    • oai:doc.rero.ch:319481
    Summary
    The concept of risk is essential to many problems in economics and business. Usually, risk is treated in the traditional expected utility framework where it is defined only indirectly through the shape of the utility function. The purpose of utility functions, however, is to model preferences. In this paper, we review those approaches which directly model risk judgements. After a short review of naive risk measures used in earlier economic literature, we present recent theoretical and empirical developments