Learning to make risk neutral choices in a symmetric world
نویسندگان
چکیده
Given their reference point, most people tend to be risk averse over gains and risk seeking over losses. Therefore, they exhibit a dual risk attitude which is reference dependent. This paper considers an adaptive process for choice under risk such that, in spite of a permanent short-run dual risk attitude, the agent eventually learns to make risk neutral choices. The adaptive process is based on an aspiration level, endogenously adjusted over time in the direction of the actually experienced payoff. Journal of Economic Literature Classification Numbers: D81, D83.
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عنوان ژورنال:
- Mathematical Social Sciences
دوره 41 شماره
صفحات -
تاریخ انتشار 2001