Efficiency Criteria and Risk Aversion: An Empirical Evaluation

Personality, risk aversion and speeding: an empirical investigation.

Evidence suggests that in addition to demographics, there are strong relationships between facets of drivers' personality (e.g., aggression, thrill-seeking, altruism), aversion to risk and driving behaviour, particularly speeding. However, evidence is muted by the reliance on self-reported driving behaviour, which is thought to not accurately reflect actual driving behaviour. This paper reports...

Robustness of Non-Parametric Measurement of Efficiency and Risk Aversion

Risk Aversion, Insurance, and the Efficiency-Equality Tradeoff

Under conditions of informational asymmetry, redistributing the property rights may improve work incentives but lead to an inefficient choice of entrepreneurial risk. We present a model in which reassignment of property rights does not affect factor prices and we show that there exist egalitarian asset redistributions that enhance allocative efficiency. The scope for such redistributions can be...

Inequality aversion and risk aversion

This note shows that for two inequality averse social welfare functions, if one is more inequality averse than the other, the household preference induced by optimally allocating aggregate bundles according to this social welfare function is more risk averse than the other. We present examples showing that this comparative static can be reversed if inequality aversion is dropped. We show that t...

An Empirical Evaluation of Testing Efficiency during Non-operational Testing

In this paper we discuss the question of growth of testing efficiency during non-operational testing. "Learning" is said to occur if there is an improvement in the efficiency of testing during a testing phase. Our work indicates that in practice very little actual "learning" may take place during non-operational testing, particularly if test duration and testsuite size is subject to a priori co...