کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5073012 1373528 2006 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Small- and large-stakes risk aversion: Implications of concavity calibration for decision theory
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Small- and large-stakes risk aversion: Implications of concavity calibration for decision theory
چکیده انگلیسی

A growing literature reports the conclusions that: (a) expected utility theory does not provide a plausible theory of risk aversion for both small-stakes and large-stakes gambles; and (b) this decision theory should be replaced with an alternative theory characterized by loss aversion. This paper explains that the arguments in previous literature fail to support these conclusions. Either concavity calibration has no general implication for expected utility theory or it has problematic implications for all decision theories that involve concave transformations (utility or value functions) of positive money payoffs, which makes loss aversion irrelevant to the argument.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Games and Economic Behavior - Volume 56, Issue 1, July 2006, Pages 45-60
نویسندگان
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