Calibration Results for Non-Expected Utility Theories
Rabin (2000) proved that a low level of risk aversion with respect to small gambles leads to a high, and absurd, level of risk aversion with respect to large gambles. Rabin's arguments strongly depend on expected utility theory, but we show that similar arguments apply to general non-expected utility theories. Copyright 2008 The Econometric Society.
Year of publication: |
2008
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Authors: | Safra, Zvi ; Segal, Uzi |
Published in: |
Econometrica. - Econometric Society. - Vol. 76.2008, 5, p. 1143-1166
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Publisher: |
Econometric Society |
Saved in:
Online Resource
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