Axiomatic Utility Theory under Risk: Non-Archimedean Representations and Application to Insurance Economics (Lecture Notes in Economics and Mathematical Systems)

The book consists of three parts: The first part reviews the development in axiomatic utility theory under risk since the axiomatization of expected utility by von Neumann and Morgenstein. The second part explores some approaches to represent preferences which exhibit boundary effects. The third part shows that many results of insurance economics derived in the expected utility framework do not remain valid with non-expected utility theory.