Chapter 20
Uncertainty
Unsicherheit und Erwartungswert
People face uncertain situations. Uncertainty arises in situations where future outcomes are unknown and influenced by chance or external factors. A ...
Abnehmender Grenznutzen des Einkommens
Utility reflects the satisfaction individuals gain from consuming goods and services. As income rises, people can afford more goods and services, ...
Erwartetes Einkommen, erwarteter Nutzen und Risikoaversion I
Consider a hypothetical example where John is evaluating a job offer from a company. If the company performs well, John will earn an annual income ...
Erwartetes Einkommen, erwarteter Nutzen und Risikoaversion II
John is evaluating a job offer from a company where his income will be uncertain. If the company performs well, John will earn an annual income of ...
Versicherung und Diversifikation
Mitigating financial risk is crucial, and two key strategies for doing so are insurance and diversification. Insurance helps individuals and businesses ...
Risikoneutral und risikofreudig
Individuals make decisions based on their preferences toward risk. A risk-neutral person has constant marginal utility of income. This means that each ...
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