Handbook of the Economics of Risk and Uncertainty

Mark Machina is a Fellow at the Amercian Academy of Arts and Sciences and has taught at Columbia University, the University of Cambridge, Princeton University, the People's University of China in Beijing, Duke University, and the University of Wyoming. W. Kip Viscusi is the award-winning author of more than 20 books and 300 articles, most of which deal with different aspects of health and safety risks. His pathbreaking research had addressed a wide range of individual and societal responses to risk and uncertainty, including risky behaviors, governmental regulation, and tort liability.

"The Handbook of the Economics of Risk and Uncertainty is sure to find a welcome spot on the reading and reference lists of all modern teachers, researchers, and students of risk management. It is a scholarly and timely collection of cutting-edge theory and measurement, market analysis, and experimental findings, contributed by leading names in the field." --Olivia S. Mitchell, University of Pennsylvania"This is a first-rate volume covering both the theory and empirical contributions.  The Handbook gives students and researchers an excellent introduction to state-of-the-art work in risk and uncertainty.  This is a essential reference for researchers working in the field." --Dan A. Black, University of Chicago

• Section I: Individual Choice under Risk and Uncertainty: Foundations and Measurement1. Axiomatic Foundations of Expected Utility and Subjective Probability - Edi Karni2. Rationality and Dynamic Consistency under Risk and Uncertainty – Peter J. Hammond and Horst Zank3. The Theory of Risk and Risk Aversion – Jack Meyer4. Assessment and Estimation of Risk Preferences - Charles A. Holt and Susan K. LaurySection II: Risk and Uncertainty: Markets and Public Policy5. Insurance and Insurance Markets - Georges Dionne and Scott Harrington6. Uncertainty and Imperfect Information in Markets - Benjamin E. Hermalin7. The Value of Individual and Societal Risks to Life and Health – W. Kip Viscusi8. Economic Analysis of Risk and Uncertainty Induced by Health Shocks: A Review and Extension – Tomas J. Philipson and George Zanjani9. Regulating Occupational and Product Risks – Thomas J. Kneisner and John D. Leeth10. Environmental Risk and Uncertainty – Joseph E. Aldy and W. Kip Viscusi11. Economics of Natural Catastrophic Risk Insurance – Howard Kunreuther and Erwann Michel-KerjanSection III: Challenges and Responses to the Classical Model of Risk Preferences and Beliefs12. Non-Expected Utility Models under Objective Uncertainty – John Quiggin13.Ambiguity and Ambiguity Aversion – Mark J. Machina and Marciano Siniscalchi14.Choice Under Uncertainty: Empirical Methods and Experimental Results – John D. Hey