In this book, the author presents a completely alternative
theoretical framework that can serve as the basis for a new age of
economic analysis under risk and uncertainty. The new theory
extends and simplifies the current and recent results. For example,
he presents an endogenous theory that overcomes the major
shortcomings of both the expected utility and the rank-dependent
models while it possesses the merits of both. As another example,
he presents a new definition of risk-aversion within the expected
utility framework, where risk-aversion and diminishing marginal
utility are not synonymous, and the (standard) statistical
independence assumption is needless.
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