The 15th Jerusalem School in Economic Theory: The Economics of Risk Bearing

Sun, 20/06/2004 to Tue, 29/06/2004

The Economics of Risk Bearing

General Director:
Kenneth J. Arrow, Stanford University

Eyal Winter, The Hebrew University of Jerusalem


Program >


Economic and all other human behaviour can be described as a choice among possible and feasible actions. However, the consequences of these actions, which should rationally govern the choice, are usually uncertain to one degree or another. The theory of behaviour under uncertainty has long been the subject of enquiry among economics, and there are still important unresolved issues, both conceptually and empirically. Further, economic institutions, such as insurance and securities, have grown up in the economic world to meet the need for risk-bearing. The program will reexamine both the foundations and the applications of the theory of risk-bearing economic behaviour, and explore the critical and positive developments in this area.



Kenneth Arrow (Stanford University)
Robert Aumann (The Hebrew University)
Larry Epstein (University of Rochester)
Itzhak Gilboa (Tel Aviv University)
Christian Gollier (Toulouse University)
Mark Machina (University of California, San Diego)
John Quiggin (University of Queensland)
Uzi Segal (Boston College)