utility under a nonlinear expectation, and show monotonicity and continuity of utility. Risk aversion is characterized, and …

We study general equilibrium asset prices in a multi-period endowment economy when agents' risk aversion is allowed to … depend on the maturity of the risk. We find horizon-dependent riskaversion preferences generate a decreasing term structure … of risk premia if and only if volatility is stochastic. Our model can thus justify the recent empirical results on the …

We study the impact of the Fukushima disaster on environmental concerns, well-being, risk aversion, and political … through the perceived risk of a similar meltdown of domestic reactors. After Fukushima, more Germans considered themselves as … "very risk averse". However, drastic German policy action shut down the oldest reactors, implemented the phaseout of the …

Do the choices of consumers who search for a product's best price exhibit risk neutral, risk averse or loss averse risk … pay for continued search and the level of price uncertainty depends on her risk preferences. Independent of the current … best price, an increase in price uncertainty encourages continued search when consumers are risk neutral. However, we prove …