Axiomatic utility theory under risk. Non-Archimedean representations and application to insurance economics (Q1389380)

The empirical evidence has motivated researchers to develop alternative theories of choice under risk and uncertainty able to accommodate the observed patterns of behavior. These models, usually termed ``non-expected utility'' or ``generalizations of expected utility'' are reviewed in the first part of this book. There only are analyzed those models which have been designed for choice situations under risk. The second part develops some new approaches to choice under risk and explores their relation to the theories reviewed in the first part. Special attention is given to models which weaken the Archimedean axiom of expected utility theory. The analysis suggests a refined classification of non-expected utility models. The objective of the third part is to provide testable results with those that have been obtained in the expected utility framework. In my opinion, the book under review is a good monograph devoted to some kinds of expected utility problems.