کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7124382 1461508 2016 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Measuring risk-aversion: The challenge
ترجمه فارسی عنوان
اندازه گیری ریسک پذیری: چالش
کلمات کلیدی
خطر گریزی، سودمند اندازه گیری نرم اندازه گیری اقتصادی، خطر، علم تصمیم گیری،
موضوعات مرتبط
مهندسی و علوم پایه سایر رشته های مهندسی کنترل و سیستم های مهندسی
چکیده انگلیسی
Risk-aversion is advanced as a measure of the feeling guiding the person who faces a decision with uncertain outcomes, whether about money or status or happiness or anything else of importance. The concepts of utility and, implicitly, risk-aversion were used first nearly 300 years ago, but risk-aversion was identified as a key dimensionless variable for explaining monetary decisions only in 1964. A single class of utility function with risk-aversion as sole parameter emerges when risk-aversion is regarded as a function of the present wealth, rather than subject to alteration through imagining possible future wealths. The adoption of a single class allows a more direct analysis of decisions, revealing shortcomings in the use of conventional, Taylor series expansions for inferring risk-aversion, over and above the obvious restrictions on perturbation size. Dimensional analysis shows that risk-aversion is a function of three dimensionless variables particular to the decision and a set of dimensionless character traits, identified later as the limiting reluctance to invest and the lower threshold on risk-aversion. The theoretical framework presented allows measurement of risk-aversion, paving the way for direct, evidence-based utility calculations.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Measurement - Volume 79, February 2016, Pages 285-301
نویسندگان
,