This research review assesses the ground-breaking contributions to
the evolution of knowledge in the economics of risk and time, from
its early twentieth-century explorations to its current diversity
of approaches. The analysis focuses first on the basic decisions
under uncertainty, and then on asset pricing. It further discusses
both classical expected utility approach and its non-expected
utility generalizations, with applications to dynamic portfolio
choices, insurance, risk sharing, and risk prevention. This review
will be valuable for scholars in finance and macroeconomics,
particularly those with an interest in the modeling foundations of
consumer and investor decisions under uncertainty.
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