کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
956771 928491 2013 30 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Learning and risk aversion
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Learning and risk aversion
چکیده انگلیسی

We study how learning shapes behavior towards risk when individuals are not assumed to know, or to have beliefs about, probability distributions. In any period, the behavior change induced by learning is assumed to depend on the action chosen and the payoff obtained. We characterize learning processes that, in expected value, increase the probability of choosing the safest actions and provide sufficient conditions for them to converge to the choices of risk averse expected utility maximizers. We provide a learning theoretic motivation for long run risk choices, such as those in expected utility theory with known payoff distributions.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 148, Issue 1, January 2013, Pages 196–225
نویسندگان
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