and attitude toward risk. Within this framework, we characterize the formation of subjective probabilities, the … equilibrium in a pointspread gambling market, and how the diversity in beliefs opens up the market to more risk-averse individuals …. In addition, we derive the individual's reservation pointspread as a function of his degree of risk aversion. …

coronavirus models. The micro model consists of two functions, a risk averse utility function depending on wellness and a wellness …

of insurance. Third, we help answer the puzzle why the most risk averse are least likely to take up agricultural …

of insurance. Third, we help answer the puzzle why the most risk averse are least likely to take up agricultural …

In this paper we show that the wildly popular Holt and Laury (2002) risk preference elicitation method confounds … estimates of the curvature of the utility function, the traditional notion of risk preference, with an estimate of the extent to … that our new method yields significantly different levels of implied risk aversion than the Holt and Laury task even after …

Despite the fact that conceptual models of individual decision making under risk are deterministic, attempts to … econometrically estimate risk preferences require some assumption about the stochastic nature of choice. Unfortunately, the … inferences about structural risk preferences across the competing specifications. Overall, a mixture model combining the two …

This paper presents an axiomatic model of probabilistic choice under risk. In this model, when it comes to choosing one …

theory such as the fourfold pattern of risk attitudes, the discrepancy between certainty equivalent and probability …

Economic research offers two traditional ways of analyzing decision making under risk. One option is to compare the …