## Essays in the theory of risk-bearing |

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### Contents

Alternative Approaches to the Theory of Choice in RiskTaking Situations | 1 |

Exposition of the Theory of Choice Under Uncer tainty | 44 |

The Theory of Risk Aversion | 90 |

Copyright | |

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### Common terms and phrases

action activities amount appropriate argued argument assumed assumption behavior under uncertainty benefits and costs certainty choose commodity conditional distribution conditional probability distributions consequences consider cost of risk-bearing decisions decreasing defined demand discount discussion Econometrica economic existence expected return expected value finite firm follows given Hence Hirshleifer hold hypothesis implies income increasing independent indifferent individual insurance policy large numbers law of large Lemma limited marginal utility Marschak maximize measure members of Pn monotone decreasing moral hazard mutually exclusive events observed optimal allocation organization outcome output perfect competition physician possible potential surprise preferred price discrimination price system priori probabilities probability distribution probability measure probability theory problem production profits public investment random variable rate of return rational relative risk aversion risky asset Section secure asset sequence shift social statistical sufficiently large Suppose tion utility function welfare welfare economics yield zero