First order versus second order risk aversion
نویسندگان
چکیده
منابع مشابه
First-order risk aversion and non-differentiability
Labora tory experiments have repeatedly shown that decision makers do not satisfy the expected utility hypothesis. The evidence did not discourage the use of expected utility, partly because it was a useful paradigm and partly due to the lack of convenient alternatives. Furthermore, it was not clear that the results obtained by expected utility theory do not hold for more general models. Indeed...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 1990
ISSN: 0022-0531
DOI: 10.1016/0022-0531(90)90053-m