Calibration Results for Non-Expected Utility Theories

Rabin 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.

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Year of publication:	2008-05-18
Authors:	Segal, Uzi ; Safra, Zvi
Institutions:	Department of Economics, Boston College
Subject:	risk aversion \| betweenness \| calibration \| non-expected utility theories

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Extent:	application/pdf
Series:	Boston College Working Papers in Economics.
Type of publication:	Book / Working Paper
Notes:	published, Econometrica, 76:5, 1143-1166, 2008. The text is part of a series Boston College Working Papers in Economics Number 682
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005027831