| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5060825 | Economics Letters | 2011 | 4 Pages |
Abstract
⺠The definition of risk aversion is provided for arbitrary (not monetary) outcomes. ⺠Risk aversion is defined when people choose in a probabilistic manner. ⺠Comparative risk aversion is characterized for probabilistic choice with trembles. ⺠A discrete analog of the Arrow-Pratt coefficient is shown to measure local risk aversion. ⺠We prove that comparative risk aversion cannot be defined in a strong utility model.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Pavlo R. Blavatskyy,