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The common folklore that giving options to agents will make them more willing to take risks is false. In fact, no incentive… Expand This paper develops a method of estimating the coefficient of relative risk aversion (g) from data on labor supply. The main… Expand A menu of paired lottery choices is structured so that the crossover point to the high-risk lottery can be used to infer the… Expand We study a space of coherent risk measuresMφ obtained as certain expansions of coherent elementary basis measures. In this space… Expand We use household survey data to construct a direct measure of absolute risk aversion based on the maximum price a consumer is… Expand Myopic loss aversion is the combination of a greater sensitivity to losses than to gains and a tendency to evaluate outcomes… Expand A relationship exists between aggregate risk-neutral and subjective probability distributions and risk aversion functions. Using… Expand This paper concerns utility functions for money. A measure of risk aversion in the small, the risk premium or insurance premium… Expand This paper investigates the testable restrictions on the time-series behavior of consumption and asset returns implied by a… Expand This paper develops a class of recursive, but not necessarily expected utility, preferences over intertemporal consumption… Expand