Possibilistic risk aversion and its indicators

Authors:
Irina Georgescu;Jani Kinnunen
Affiliations:
Academy of Economic Studies, Department of Economic Cybernetics, Bucharest, Romania and ETEA-LOYOLA University, Department of Quantitative Methods, Cordoba, Spain;Åbo Akademi University, IAMSR, Turku, Finland
Venue:
ACACOS'12 Proceedings of the 11th WSEAS international conference on Applied Computer and Applied Computational Science
Year:
2012

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Abstract

In the traditional treatment, risk situations are modeled by random variables. This paper focuses on risk situations described by fuzzy numbers. The goal of the paper is to define and characterize possibilistic risk aversion and study some of its indicators.