کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
956577 928475 2015 12 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Calibration without reduction for non-expected utility
ترجمه فارسی عنوان
کالیبراسیون بدون کاهش برای ابزار پیش بینی نشده
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Calibration results in Rabin (2000) and Safra and Segal (2008, 2009) suggest that both expected and non-expected utility theories cannot produce non-negligible risk aversion over small stakes without producing implausible risk aversion over large stakes. This paper provides calibration results for recursive non-expected utility theories that relax the Reduction of Compound Lotteries axiom (as in Segal, 1990). These calibration results imply that a broad class of non-expected utility theories can accommodate both small and large stakes risk aversion, even for a decision-maker who faces background risk.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 158, Part A, July 2015, Pages 21-32
نویسندگان
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