Risk and Certainty Equivalent Applet
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Description: A discussion of risk and uncertainty and an applet demonstrating how to calculate a certainty equivalent for risk averse or risk seeking individuals.
Game Theory .net - Risk and Certainty Equivalent Applet Interactive applets on Game Theory Risk and Certainty Equivalence Applet Why are some people willing to buy lottery tickets, but at the same time insure themselves against theft, death, or property damage? The cost of a lottery ticket is substantially more than the average winnings one can expect to get. If everyone purchased lottery tickets every week over one's entire life, few people would come out ahead. On the other hand, the premium we pay for insurance is substantially greater than the average cost of claims. If everyone carries car insurance, relatively few people will file claims in a given year above the cost of the premiums.
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| Page title: | Game Theory .net - Risk and Certainty Equivalent Applet |
| Keywords: | Risk, uncertainty, utility function, certainty equivalence, risk averse, seeking, neutral, Game Theory, Business Strategy, online applet simulation |
| Description: | Explanation of risk, uncertainty, and certainty equivalents. Part of Mike Shor's lecture notes for a course in Game Theory. |
| IP-address: | 129.59.210.198 |
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| Date | Creation Date: 17-may-2001 Expiration Date: 17-may-2015 |