paradox, risk aversion and other well-known fundamental problems. For a long time, this opinion was a barrier to proper … solution of these problems and the development of the economic theory. A radically new approach has been proposed. It considers …

, insurance, trade, industry, planning and forecasting. Explanations of the principle and examples of solution of three types of … high and the overweighting of low probabilities, the Allais paradox, risk aversion, loss aversion, the Ellsberg paradox …, the equity premium puzzle, etc. The principle and its consequences can be applied in the fields of banking, investment …

and objectives for the first stages of insurance data analysis have been sketched out. Scale hypotheses, insurance and … investment problems have been formulated. …

there are risk lovers (or scale economies); and third, to estimate reasonable premiums for insurance offered by outside …: first, to design mutual contracts for risk averse agents; second, to quantify the malfunctioning of such contracts when …

-based industries such as finance, insurance and gambling. We sketch an alternative approach to modeling risky choice that focuses on …Most theories of risky choice postulate that a decision maker maximizes the expectation of a Bernoulli (or utility or … useful for out-of-sample prediction. Nor do we find practical applications of Bernoulli functions in major risk …

-based industries such as finance, insurance and gambling. We sketch an alternative approach to modeling risky choice that focuses on …Most theories of risky choice postulate that a decision maker maximizes the expectation of a Bernoulli (or utility or … useful for out-of-sample prediction. Nor do we find practical applications of Bernoulli functions in major risk …

whether this equivalence carries over in a particular context of imperfect competition, strategic market games the Shapley …

econometric models. Two applications to the choice of automobile insurance contracts and the demand for life insurance are …