Lecture series »Felix-Klein-Colloquium« / 29. Januar 2019, 17:15 – 18:30 h
Personal Consumption and Insurance Decision Making
We consider decision making under uncertainty within the specific context of insurance and financial decisions of an individual. We provide a general introduction to the area where also several colleagues in Kaiserslautern are engaged. Classical problems of decision making in finance are generalized to also include decision making in insurance. We consider specifically the distinction between time-additive and time-nonadditive utility and discuss the issue of time-consistency in decision making. This relates to disentangling different aspects of preferences. Relations between all theoretical aspects and concrete issues in daily life about insurance choice, pension saving and consumption patterns over the life cycle are provided.