Certainty Equivalent: Many Meanings of a Mean

Elisa Pagani ()

No 24/2015, Working Papers from University of Verona, Department of Economics

Abstract: The aim of this survey is to provide an overview of the main definitions of certainty equivalent and its applications in the one-dimensional and multidimensional framework. We also show the relationships between the concept of certainty equivalent and other definitions related to different fields. In particular, we focus on financial and economic approaches that imply risk or inequality measurement.

Keywords: certainty equivalent; risk; inequality; efficiency; willingness to pay. (search for similar items in EconPapers)
JEL-codes: D63 D81 I30 (search for similar items in EconPapers)
Pages: 30
Date: 2015-06
New Economics Papers: this item is included in nep-upt
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Citations: View citations in EconPapers (1)

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