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 Kasierslautern 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.

Speaker: Prof. Dr. Mogens Steffensen, University of Copenhagen

Time: 17:15 - 18:30 o'clock

Place: Building 48, room 210

The lectures of the Felix Klein Colloquium will be held at 17:15 in room 210 of the Mathematics Building 48. Beforehand - from 16:45 - there will be an opportunity to meet the speaker at the colloquium tea in room 580.