3646:
the case of direct falls on their heads and do not achieve their main goals. They are expensive, meaning that less resources are available to benefit users in other ways (such as building a playground closer to the child's home, reducing the risk of a road traffic accident on the way to it), and—some argue—children may attempt more dangerous acts, with confidence in the artificial surface. Shiela Sage, an early years school advisor, observes "Children who are only ever kept in very safe places, are not the ones who are able to solve problems for themselves. Children need to have a certain amount of risk taking ... so they'll know how to get out of situations."
3552:) is inconsistent with the expected utility hypothesis. It is assumed that the psychological principle which stands behind this kind of behavior is the overweighting of certainty. Options which are perceived as certain are over-weighted relative to uncertain options. This pattern is an indication of risk-seeking behavior in negative prospects and eliminates other explanations for the certainty effect such as aversion for uncertainty or variability.
3659:
made their choices in a simulated game show environment, which included a live audience, a game show host, and video cameras. In line with this, studies on investor behavior find that investors trade more and more speculatively after switching from phone-based to online trading and that investors tend to keep their core investments with traditional brokers and use a small fraction of their wealth to speculate online.
5819:
45:
5808:
2899:, risk aversion is measured as the additional expected reward an investor requires to accept additional risk. If an investor is risk-averse, they will invest in multiple uncertain assets, but only when the predicted return on a portfolio that is uncertain is greater than the predicted return on one that is not uncertain will the investor will prefer the former. Here, the
1319:(HARA) is the most general class of utility functions that are usually used in practice (specifically, CRRA (constant relative risk aversion, see below), CARA (constant absolute risk aversion), and quadratic utility all exhibit HARA and are often used because of their mathematical tractability). A utility function exhibits HARA if its absolute risk aversion is a
3596:. A 2009 study by Christopoulos et al. suggested that the activity of a specific brain area (right inferior frontal gyrus) correlates with risk aversion, with more risk averse participants (i.e. those having higher risk premia) also having higher responses to safer options. This result coincides with other studies, that show that
576:). This risk premium means that the person would be willing to sacrifice as much as $ 10 in expected value in order to achieve perfect certainty about how much money will be received. In other words, the person would be indifferent between the bet and a guarantee of $ 40, and would prefer anything over $ 40 to the bet.
3692:
The design of experiments, to determine at what increase of wealth or income would an individual change their employment status from a position of security to more risky ventures, must include flexible utility specifications with salient incentives integrated with risk preferences. The application of
3667:
The basis of the theory, on the connection between employment status and risk aversion, is the varying income level of individuals. On average higher income earners are less risk averse than lower income earners. In terms of employment the greater the wealth of an individual the less risk averse they
3658:
finds that people are more risk averse in the limelight than in the anonymity of a typical behavioral laboratory. In the laboratory treatments, subjects made decisions in a standard, computerized laboratory setting as typically employed in behavioral experiments. In the limelight treatments, subjects
3573:
model, a risk-averse person will happily receive a smaller commodity share of the bargain. This is because their utility function concaves hence their utility increases at a decreasing rate while their non-risk averse opponents may increase at a constant or increasing rate. Intuitively, a risk-averse
3544:
domain. The reflection effect is an identified pattern of opposite preferences between negative as opposed to positive prospects: people tend to avoid risk when the gamble is between gains, and to seek risks when the gamble is between losses. For example, most people prefer a certain gain of 3,000 to
2855:
The most straightforward implications of increasing or decreasing absolute or relative risk aversion, and the ones that motivate a focus on these concepts, occur in the context of forming a portfolio with one risky asset and one risk-free asset. If the person experiences an increase in wealth, he/she
3555:
The initial findings regarding the reflection effect faced criticism regarding its validity, as it was claimed that there are insufficient evidence to support the effect on the individual level. Subsequently, an extensive investigation revealed its possible limitations, suggesting that the effect is
3516:
Rabin criticizes this implication of expected utility theory on grounds of implausibility—individuals who are risk averse for small gambles due to diminishing marginal utility would exhibit extreme forms of risk aversion in risky decisions under larger stakes. One solution to the problem observed by
3645:
have become the focus of much risk-averse planning, meaning that children are often prevented from benefiting from activities that they would otherwise have had. Many playgrounds have been fitted with impact-absorbing matting surfaces. However, these are only designed to save children from death in
223:
A person is given the choice between two scenarios: one with a guaranteed payoff, and one with a risky payoff with same average value. In the former scenario, the person receives $ 50. In the uncertain scenario, a coin is flipped to decide whether the person receives $ 100 or nothing. The expected
3688:
Incentive effects are a factor in the behavioural approach an individual takes in deciding to move from a secure job to entrepreneurship. Non-financial incentives provided by an employer can change the decision to transition into entrepreneurship as the intangible benefits helps to strengthen how
3616:
when mitigating a risk; the cost of not taking the risky action. Writing laws focused on the risk without the balance of the utility may misrepresent society's goals. The public understanding of risk, which influences political decisions, is an area which has recently been recognised as deserving
3097:
In applying this model to risk aversion, the function can be used to show how an individual’s preferences of wins and losses will influence their expected utility function. For example, if a risk-averse individual with $ 20,000 in savings is given the option to gamble it for $ 100,000 with a 30%
588:
over an alternative bet (that is, if the probability mass of the second bet is pushed to the right to form the first bet, then the first bet is preferred). (ii) The concavity of the utility function implies that the person is risk averse: a sure amount would always be preferred over a risky bet
3093:
Essentially, von
Neumann and Morgenstern hypothesised that individuals seek to maximise their expected utility rather than the expected monetary value of assets. In defining expected utility in this sense, the pair developed a function based on preference relations. As such, if an individual’s
3672:. The literature assumes a small increase in income or wealth initiates the transition from employment to entrepreneurship-based decreasing absolute risk aversion (DARA), constant absolute risk aversion (CARA), and increasing absolute risk aversion (IARA) preferences as properties in their
83:
Risk aversion explains the inclination to agree to a situation with a more predictable, but possibly lower payoff, rather than another situation with a highly unpredictable, but possibly higher payoff. For example, a risk-averse investor might choose to put their money into a
583:
The utility function for perceived gains has two key properties: an upward slope, and concavity. (i) The upward slope implies that the person feels that more is better: a larger amount received yields greater utility, and for risky bets the person would prefer a bet which is
579:
In the case of a wealthier individual, the risk of losing $ 100 would be less significant, and for such small amounts his utility function would be likely to be almost linear. For instance, if u(0) = 0 and u(100) = 10, then u(40) might be 4.02 and u(50) might be 5.01.
1977:
134:
120:
106:
3612:, are fundamentally risk-averse in their mandate. This often means that they demand (with the power of legal enforcement) that risks be minimized, even at the cost of losing the utility of the risky activity. It is important to consider the
3689:
risk averse an individual is relative to the strength of downside risk aversion. Utility functions do not equate for such effects and can often screw the estimated behavioural path that an individual takes towards their employment status.
2864:
risk aversion is decreasing (or constant, or increasing). Thus economists avoid using utility functions such as the quadratic, which exhibit increasing absolute risk aversion, because they have an unrealistic behavioral implication.
2887:, an increase in relative risk aversion increases the impact of households' money holdings on the overall economy. In other words, the more the relative risk aversion increases, the more money demand shocks will impact the economy.
282:
is the difference between the expected value and the certainty equivalent. For risk-averse individuals, risk premium is positive, for risk-neutral persons it is zero, and for risk-loving individuals their risk premium is negative.
3396: would equal a value that means that the individual would rather keep their $ 20,000 in savings than gamble it all to potentially increase their wealth to $ 100,000. Hence a risk averse individuals’ function would show that;
3684:
exceeds the strength of risk aversion. If using the behavioural approach to model an individual’s decision on their employment status there must be more variables than risk aversion and any absolute risk aversion preferences.
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2535:
3564:
Numerous studies have shown that in riskless bargaining scenarios, being risk-averse is disadvantageous. Moreover, opponents will always prefer to play against the most risk-averse person. Based on both the
2417:
769:
2419:
is monotonic in wealth under either DARA or IARA and constant in wealth under CARA, tests of contractual risk sharing relying on wealth as a proxy for absolute risk aversion are usually not identified.
224:
payoff for both scenarios is $ 50, meaning that an individual who was insensitive to risk would not care whether they took the guaranteed payment or the gamble. However, individuals may have different
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574:
3372:
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from any initial wealth level turns down gambles where she loses $ 100 or gains $ 110, each with 50% probability will turn down 50–50 bets of losing $ 1,000 or gaining any sum of money.
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2020:
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There are various measures of the risk aversion expressed by those given utility function. Several functional forms often used for utility functions are represented by these measures.
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of an alternative bet (that is, if some of the probability mass of the first bet is spread out without altering the mean to form the second bet, then the first bet is preferred).
450:
996:
521:
3268:
2549:(DRRA/IRRA) are used. This measure has the advantage that it is still a valid measure of risk aversion, even if the utility function changes from risk averse to risk loving as
840:
3600:
of the same area results in participants making more or less risk averse choices, depending on whether the modulation increases or decreases the activity of the target area.
3220:
1774:
274:, is $ 50. The smallest guaranteed dollar amount that an individual would be indifferent to compared to an uncertain gain of a specific average predicted value is called the
1684:
278:, which is also used as a measure of risk aversion. An individual that is risk averse has a certainty equivalent that is smaller than the prediction of uncertain gains. The
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1307:
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1597:
806:
4912:
Konana, Prabhudev; Balasubramanian, Sridhar (May 2005). "The Social–Economic–Psychological model of technology adoption and usage: an application to online investing".
2342:
Contrary to what several empirical studies have assumed, wealth is not a good proxy for risk aversion when studying risk sharing in a principal-agent setting. Although
1103:
2812:
2541:
Unlike ARA whose units are in $ , RRA is a dimensionless quantity, which allows it to be applied universally. Like for absolute risk aversion, the corresponding terms
2190:
1431:
The solution to this differential equation (omitting additive and multiplicative constant terms, which do not affect the behavior implied by the utility function) is:
3098:
chance of winning, they may still not take the gamble in fear of losing their savings. This does not make sense using the traditional expected utility model however;
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an 80% chance of a gain of 4,000. When posed the same problem, but for losses, most people prefer an 80% chance of a loss of 4,000 to a certain loss of 3,000.
2557:. A constant RRA implies a decreasing ARA, but the reverse is not always true. As a specific example of constant relative risk aversion, the utility function
4429:
Battalio, RaymondC.; Kagel, JohnH.; Jiranyakul, Komain (March 1990). "Testing between alternative models of choice under uncertainty: Some initial results".
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to those outcomes with high uncertainty, even if the average outcome of the latter is equal to or higher in monetary value than the more certain outcome.
2062:. Analogously, IARA can be derived with the opposite directions of inequalities, which permits but does not require a negatively skewed utility function (
4740:
3693:
relevant experiments can avoid the generalisation of varying individual preferences through the use of this model and its specified utility functions.
468:(100)=10 then the expected utility of the bet equals 5, which is the same as the known utility of the amount 40. Hence the certainty equivalent is 40.
5689:
5188:
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60:: With fixed probabilities of two alternative states 1 and 2, risk averse indifference curves over pairs of state-contingent outcomes are convex.
4608:
Knoch, Daria; Gianotti, Lorena R. R.; Pascual-Leone, Alvaro; Treyer, Valerie; Regard, Marianne; Hohmann, Martin; Brugger, Peter (14 June 2006).
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Fecteau, Shirley; Pascual-Leone, Alvaro; Zald, David H.; Liguori, Paola; Théoret, Hugo; Boggio, Paulo S.; Fregni, Felipe (6 June 2007).
4659:"Activation of Prefrontal Cortex by Transcranial Direct Current Stimulation Reduces Appetite for Risk during Ambiguous Decision Making"
3525:, where outcomes are considered relative to a reference point (usually the status quo), rather than considering only the final wealth.
4707:
1330:
4753:
1316:
5128:
Blackburn, Douglas W.; Ukhov, Andrey (1 May 2008). "Individual vs. Aggregate
Preferences: The Case of a Small Fish in a Big Pond".
3528:
Another limitation is the reflection effect, which demonstrates the reversing of risk aversion. This effect was first presented by
4610:"Disruption of Right Prefrontal Cortex by Low-Frequency Repetitive Transcranial Magnetic Stimulation Induces Risk-Taking Behavior"
6951:
4150:
Benchimol, Jonathan; Fourçans, André (March 2012). "Money and risk in a DSGE framework: A Bayesian application to the
Eurozone".
2868:
Similarly, if the person experiences an increase in wealth, he/she will choose to increase (or keep unchanged, or decrease) the
2988:
6354:
2629:
642:), a measure that stays constant with respect to these transformations is needed rather than just the second derivative of
638:, the higher the risk aversion. However, since expected utility functions are not uniquely defined (are defined only up to
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1437:
529:
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Hershey, John C.; Schoemaker, Paul J.H. (June 1980). "Prospect theory's reflection hypothesis: A critical examination".
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preferences satisfy four key axioms, then a utility function based on how they weigh different outcomes can be deduced.
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function, the von
Neumann-Morgenstern model includes risk aversion axiomatically rather than as an additional variable.
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person will hence settle for a smaller share of the bargain as opposed to a risk-neutral or risk-seeking individual.
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31:
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risk perspective can also be used to as a factor in the transition of employment status, only if the strength of
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4759:
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Bellemare, Marc F.; Brown, Zachary S. (January 2010). "On the (Mis)Use of Wealth as a Proxy for Risk
Aversion".
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The von
Neumann-Morgenstern model can explain this scenario. Based on preference relations, a specific utility
2915:. In advanced portfolio theory, different kinds of risk are taken into consideration. They are measured as the
894:
38:
6610:
3072:
is another model used to denote how risk aversion influences an actor’s utility function. An extension of the
376:
The expected utility of the above bet (with a 50% chance of receiving 100 and a 50% chance of receiving 0) is
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48:
Risk aversion (red) contrasted to risk neutrality (yellow) and risk loving (orange) in different settings.
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Bonilla, Claudio (2021). "Risk aversion, downside risk aversion, and the transition to entrepreneurship".
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52:: A risk averse utility function is concave (from below), while a risk loving utility function is convex.
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Adhikari, Binay Kumar; Agrawal, Anup (June 2016). "Does local religiosity matter for bank risk-taking?".
477:
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266:) – if they would accept the bet even when the guaranteed payment is more than $ 50 (for example, $ 60).
3973:
246:) of less than $ 50 (for example, $ 40), rather than taking the gamble and possibly receiving nothing.
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Kahneman, Daniel; Tversky, Amos (March 1979). "Prospect Theory: An
Analysis of Decision under Risk".
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is decreasing/increasing. Using the above definition of ARA, the following inequality holds for DARA:
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243:
149:
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4371:
4323:
1628:
953:
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6265:
6250:
6206:
6147:
6072:
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6032:
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5368:
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4889:
3626:
2841:
1213:
2560:
2248:
2105:
2065:
2025:
1985:
1277:
589:
having the same expected value; moreover, for risky bets the person would prefer a bet which is a
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6127:
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is relevant, as it results largely from this type of risk aversion. Here risk is measured as the
2884:
2620:
56:: In standard deviation-expected value space, risk averse indifference curves are upward sloped.
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2339:
Experimental and empirical evidence is mostly consistent with decreasing absolute risk aversion.
1558:
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U.Sankar (1971), A Utility
Function for Wealth for a Risk Averter, Journal of Economic Theory.
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37:"Risk attitude" redirects here. For the concept in security studies and risk management, see
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Rabin, Matthew (2000). "Risk
Aversion and Expected-Utility Theory: A Calibration Theorem".
1972:{\displaystyle {\frac {\partial A(c)}{\partial c}}=-{\frac {u'(c)u'''(c)-^{2}}{^{2}}}<0}
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most prevalent when either small or large amounts and extreme probabilities are involved.
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The benefit of utilities: a plausible explanation for small risky parts in the portfolio
3625:, a role described as outreach rather than traditional academic research by the holder,
350:) could be multiplied by a positive constant factor, without affecting the conclusions.
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can afford to be, and they are more inclined to make the move from a secure job to an
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4225:"The Nash Solution as a von Neumann–Morgenstern Utility Function on Bargaining Games"
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2022:. Therefore, DARA implies that the utility function is positively skewed; that is,
307:
represents the value that he might receive in money or goods (in the above example
279:
250:
215:
5093:
4873:
Barber, Brad; Odean, Terrance (2002). "Online
Investors: Do the Slow Die First?".
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often cannot be disentangled from the coefficient of relative risk aversion. The
92:
that may have high expected returns, but also involves a chance of losing value.
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4284:"Von Neumann–Morgenstern utility function | Definition & Facts | Britannica"
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Pratt, John W. (January 1964). "Risk Aversion in the Small and in the Large".
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Zevelev, Albert A. (3 February 2014). "Closed Form Solutions in Economics".
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Baltussen, Guido; van den Assem, Martijn J.; van Dolder, Dennie (May 2016).
4466:"Risk Aversion and Nash's Solution for Bargaining Games with Risky Outcomes"
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3654:
One experimental study with student-subject playing the game of the TV show
2916:
1320:
65:
4898:
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4643:
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has showed that a risk-averse, expected-utility-maximizing individual who,
17:
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133:
119:
105:
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Implications of increasing/decreasing absolute and relative risk aversion
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4194:(60th Anniversary Commemorative ed.). Princeton University Press.
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173:
69:
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5054:"Diminishing Marginal Utility of Wealth Cannot Explain Risk Aversion"
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3500:
Using expected utility theory's approach to risk aversion to analyze
471:
The risk premium is ($ 50 minus $ 40)=$ 10, or in proportional terms
254:– if they are indifferent between the bet and a certain $ 50 payment.
4481:
4380:
3951:
88:
account with a low but guaranteed interest rate, rather than into a
4777:
4721:. The University of Cambridge Development Office: 3. Archived from
4511:
Murnighan, J. Keith; Roth, Alvin E.; Schoumaker, Francoise (1988).
4115:
Benchimol, Jonathan (March 2014). "Risk aversion in the Eurozone".
3588:
Attitudes towards risk have attracted the interest of the field of
5481:
5363:
5343:
3989:
Stochastic Dominance: Investment Decision Making under Uncertainty
323:
5166:
4568:"Concavifiability and constructions of concave utility functions"
4188:
von Neumann, John; Morgenstern, Oskar; Rubinstein, Ariel (1944).
5638:
85:
5837:
5170:
1421:{\displaystyle A(c)=-{\frac {u''(c)}{u'(c)}}={\frac {1}{ac+b}}}
353:
An agent is risk-averse if and only if the utility function is
2335:
would represent a quadratic utility function exhibiting IARA.
2856:
will choose to increase (or keep unchanged, or decrease) the
2553:
varies, i.e. utility is not strictly convex/concave over all
5833:
3766:, which is different, as uncertainty is not the same as risk
3292:
can be assigned to both outcomes. Now the function becomes;
526:
or 25% (where $ 50 is the expected value of the risky bet: (
330:– in other words, a constant could be added to the value of
111:
Utility function of a risk-averse (risk-avoiding) individual
160:
of the utility (expected utility) of the uncertain payment
139:
Utility function of a risk-loving (risk-seeking) individual
3496:
Limitations of expected utility treatment of risk aversion
2876:
risk aversion is decreasing (or constant, or increasing).
180:– Utility of the expected value of the uncertain payment;
3828:
ProjectThink: Why Good Managers Make Poor Project Choices
3053:{\displaystyle A_{n}={\frac {dE(c)}{d{\sqrt{\mu _{n}}}}}}
2847:
A time-varying relative risk aversion can be considered.
3623:
Winton Professorship of the Public Understanding of Risk
842:
denote the first and second derivatives with respect to
597:
Measures of risk aversion under expected utility theory
552:
534:
76:
is the tendency of people to prefer outcomes with low
3825:
Mr Lev Virine; Mr Michael Trumper (28 October 2013).
3404:
3382:
3300:
3278:
3229:
3181:
3106:
2991:
2936:
2791:
2741:
2706:
2690:{\displaystyle u(c)={\frac {c^{1-\rho }-1}{1-\rho }}}
2632:
2563:
2445:
2348:
2277:
2251:
2198:
2155:
2108:
2068:
2028:
1988:
1822:
1789:
1718:
1692:
1631:
1605:
1561:
1527:
1440:
1333:
1280:
1222:
1183:
1160:
1140:
1111:
1065:
1004:
956:
897:
868:
848:
814:
780:
700:
648:
615:
532:
480:
385:
4513:"Risk Aversion in Bargaining: An Experimental Study"
3486:{\displaystyle EU(A)\prec \$ 20,000(keepingsavings)}
2530:{\displaystyle R(c)=cA(c)={\frac {-cu''(c)}{u'(c)}}}
6851:
6493:
6227:
5976:
5941:
5871:
5768:
5647:
5204:
4840:Barber, Brad M; Odean, Terrance (1 February 2001).
4183:
4181:
1511:{\displaystyle u(c)={\frac {(c-c_{s})^{1-R}}{1-R}}}
569:{\displaystyle {\tfrac {1}{2}}0+{\tfrac {1}{2}}100}
3608:In the real world, many government agencies, e.g.
3604:Public understanding and risk in social activities
3485:
3388:
3366:
3284:
3262:
3214:
3166:
3052:
2974:
2806:
2777:
2727:
2689:
2596:
2529:
2411:
2327:
2263:
2238:
2184:
2141:
2094:
2054:
2014:
1971:
1804:
1768:
1704:
1678:
1617:
1591:
1547:
1510:
1420:
1301:
1262:
1198:
1169:
1146:
1126:
1097:
1051:
990:
942:
883:
854:
834:
800:
763:
663:
630:
568:
515:
444:
3367:{\displaystyle EU(A)=0.3u(\$ 100,000)+0.7u(\$ 0)}
2735:and the elasticity of intertemporal substitution
5060:. Cambridge University Press. pp. 202–208.
456:and if the person has the utility function with
4603:
4601:
3167:{\displaystyle EU(A)=0.3(\$ 100,000)+0.7(\$ 0)}
1209:The following expressions relate to this term:
270:The average payoff of the gamble, known as its
4982:"Risk Aversion and Incentive Effects: Comment"
4748:. Calouste Gulbenkian Foundation. p. 81.
4094:(Student ed.). Viva Norton. p. 363.
2700:exhibits constant relative risk aversion with
5849:
5182:
5056:. In Kahneman, Daniel; Tversky, Amos (eds.).
4404:Organizational Behavior and Human Performance
3663:The behavioural approach to employment status
2923:. The symbol used for risk aversion is A or A
2430:Arrow–Pratt measure of relative risk aversion
2412:{\displaystyle A(c)=-{\frac {u''(c)}{u'(c)}}}
764:{\displaystyle A(c)=-{\frac {u''(c)}{u'(c)}}}
673:Arrow–Pratt measure of absolute risk aversion
125:Utility function of a risk-neutral individual
8:
4742:No fear: Growing up in a Risk Averse society
2872:of the portfolio held in the risky asset if
2860:of the risky asset held in the portfolio if
2547:decreasing/increasing relative risk aversion
2102:). An example of a DARA utility function is
1781:Decreasing/increasing absolute risk aversion
242:) - if they would accept a certain payment (
4776:Sue Durant, Sheila Sage (10 January 2006).
4464:Roth, Alvin E.; Rothblum, Uriel G. (1982).
4352:
4350:
3925:, Markham Publ. Co., Chicago, 1971, 90–109.
3852:David Hillson; Ruth Murray-Webster (2007).
2975:{\displaystyle A={\frac {dE(c)}{d\sigma }}}
2778:{\displaystyle \varepsilon _{u(c)}=1/\rho }
2328:{\displaystyle A(c)=2\alpha /(1-2\alpha c)}
168:– Expected value of the uncertain payment;
30:For the related psychological concept, see
5856:
5842:
5834:
5189:
5175:
5167:
5087:Arrow-Pratt Measure on About.com:Economics
4047:American Journal of Agricultural Economics
2818:shows that this simplifies to the case of
5000:– via The University of Queensland.
4888:
4857:
4682:
4633:
4370:
4322:
4250:
4240:
4066:
3403:
3381:
3299:
3277:
3228:
3180:
3105:
3040:
3034:
3028:
3005:
2996:
2990:
2943:
2935:
2790:
2767:
2746:
2740:
2705:
2655:
2648:
2631:
2562:
2479:
2444:
2367:
2347:
2299:
2276:
2250:
2227:
2197:
2174:
2154:
2107:
2067:
2027:
1987:
1954:
1922:
1858:
1823:
1821:
1788:
1740:
1717:
1691:
1650:
1630:
1604:
1581:
1566:
1560:
1537:
1526:
1482:
1472:
1456:
1439:
1397:
1352:
1332:
1279:
1248:
1221:
1182:
1159:
1139:
1110:
1084:
1064:
1040:
1031:
1003:
980:
955:
943:{\displaystyle u(c)=\alpha +\beta ln(c),}
896:
867:
847:
813:
779:
719:
699:
647:
614:
551:
533:
531:
502:
479:
434:
384:
3855:Understanding and Managing Risk Attitude
3794:The New Palgrave Dictionary of Economics
3086:first developed the model in their book
2617:elasticity of intertemporal substitution
295:theory, an agent has a utility function
43:
4090:Simon, Carl and Lawrence Blume (2006).
4016:(1975). "The Demand for Risky Assets".
3933:
3931:
3911:"Aspects of the Theory of Risk Bearing"
3904:
3902:
3781:
3070:von Neumann-Morgenstern utility theorem
3064:Von Neumann-Morgenstern utility theorem
5150:
5139:
5040:
5029:
3548:The reflection effect (as well as the
3089:Theory of Games and Economic Behaviour
2907:of the return on investment, i.e. the
4975:
4973:
4937:
4935:
4779:Early Years – The Outdoor Environment
4191:Theory of Games and Economic Behavior
3792:Werner, Jan (2008). "Risk Aversion".
2434:coefficient of relative risk aversion
1052:{\displaystyle u''(c)=-\beta /c^{2},}
689:coefficient of absolute risk aversion
7:
3991:(2nd ed.). New York: Springer.
3922:Essays in the Theory of Risk Bearing
3787:
3785:
2239:{\displaystyle u(c)=c-\alpha c^{2},}
1263:{\displaystyle u(c)=1-e^{-\alpha c}}
445:{\displaystyle E(u)=(u(0)+u(100))/2}
369:(40) might be 5, and for comparison
4715:CAM – the Cambridge Alumni Magazine
3917:. Helsinki: Yrjo Jahnssonin Saatio.
586:first-order stochastically dominant
516:{\displaystyle (\$ 50-\$ 40)/\$ 40}
5745:Microfoundations of macroeconomics
4799:Review of Economics and Statistics
3423:
3355:
3328:
3263:{\displaystyle EU(A)>\$ 20,000}
3248:
3200:
3155:
3131:
1843:
1826:
507:
493:
484:
196:– Utility of the maximal payment;
188:– Utility of the minimal payment;
25:
4572:Journal of Mathematical Economics
3744:Prudence in economics and finance
1317:Hyperbolic absolute risk aversion
6379:neoclassical–Keynesian synthesis
5818:
5817:
5806:
4846:Journal of Economic Perspectives
3802:10.1057/978-1-349-95121-5_2741-1
311:could be $ 0 or $ 40 or $ 100).
132:
118:
104:
4842:"The Internet and the Investor"
4795:"Risky Choice in the Limelight"
4517:Journal of Risk and Uncertainty
4431:Journal of Risk and Uncertainty
3215:{\displaystyle EU(A)=\$ 30,000}
2543:constant relative risk aversion
1769:{\displaystyle cA(c)=1/a=const}
1712:, this is CRRA (see below), as
1272:constant absolute risk aversion
5094:"Risk-taking and Tie-breaking"
4675:10.1523/JNEUROSCI.0314-07.2007
4626:10.1523/JNEUROSCI.0804-06.2006
3893:10.1016/j.jcorpfin.2016.01.009
3480:
3435:
3417:
3411:
3361:
3352:
3340:
3325:
3313:
3307:
3242:
3236:
3194:
3188:
3161:
3152:
3143:
3128:
3119:
3113:
3020:
3014:
2958:
2952:
2756:
2750:
2716:
2710:
2642:
2636:
2591:
2585:
2573:
2567:
2521:
2515:
2502:
2496:
2473:
2467:
2455:
2449:
2403:
2397:
2384:
2378:
2358:
2352:
2322:
2304:
2287:
2281:
2208:
2202:
2165:
2159:
2136:
2130:
2118:
2112:
2083:
2077:
2043:
2037:
2003:
1997:
1951:
1947:
1941:
1930:
1919:
1915:
1909:
1898:
1892:
1886:
1875:
1869:
1838:
1832:
1799:
1793:
1731:
1725:
1679:{\displaystyle A(c)=1/b=const}
1641:
1635:
1479:
1459:
1450:
1444:
1388:
1382:
1369:
1363:
1343:
1337:
1290:
1284:
1232:
1226:
1193:
1187:
1121:
1115:
1075:
1069:
1019:
1013:
991:{\displaystyle u'(c)=\beta /c}
971:
965:
934:
928:
907:
901:
878:
872:
829:
823:
795:
789:
755:
749:
736:
730:
710:
704:
658:
652:
625:
619:
499:
481:
431:
428:
422:
413:
407:
401:
395:
389:
1:
6315:Critique of political economy
4706:Spiegelhalter, David (2009).
1177:so affine transformations of
176:of the certainty equivalent;
4986:The American Economic Review
4584:10.1016/0304-4068(77)90015-5
4566:Kannai, Yakar (1977-03-01).
4416:10.1016/0030-5073(80)90037-9
4164:10.1016/j.jmacro.2011.10.003
3881:Journal of Corporate Finance
3637:Children's services such as
3560:Bargaining and risk aversion
2597:{\displaystyle u(c)=\log(c)}
2264:{\displaystyle \alpha >0}
2142:{\displaystyle u(c)=\log(c)}
2095:{\displaystyle u'''(c)<0}
2055:{\displaystyle u'''(c)>0}
2015:{\displaystyle u'''(c)>0}
1309:is constant with respect to
1302:{\displaystyle A(c)=\alpha }
609:The higher the curvature of
5690:Civil engineering economics
5675:Statistical decision theory
5315:Income elasticity of demand
5058:Choices, Values, and Frames
4876:Review of Financial Studies
4663:The Journal of Neuroscience
4614:The Journal of Neuroscience
3915:The Theory of Risk Aversion
3610:Health and Safety Executive
591:mean-preserving contraction
6973:
6453:Real business-cycle theory
5325:Price elasticity of supply
5320:Price elasticity of demand
5310:Cross elasticity of demand
5113:10.1007/s11098-023-01947-1
4956:10.1007/s11238-020-09786-w
4242:10.1007/s41412-020-00095-9
4092:Mathematics for Economists
3650:Game shows and investments
3584:Risk aversion (psychology)
3581:
3523:cumulative prospect theory
3517:Rabin is that proposed by
3504:has come under criticism.
3376:For a risk averse person,
2844:on saving exactly offset.
2728:{\displaystyle R(c)=\rho }
1982:and this can hold only if
1783:(DARA/IARA) is present if
1592:{\displaystyle c_{s}=-b/a}
671:. One such measure is the
36:
32:Risk aversion (psychology)
29:
6893:
5801:
4926:10.1016/j.dss.2003.12.003
4152:Journal of Macroeconomics
4129:10.1016/j.rie.2013.11.005
3858:. Gower Publishing, Ltd.
3831:. Gower Publishing, Ltd.
1098:{\displaystyle A(c)=1/c.}
5381:Income–consumption curve
4998:10.1257/0002828054201378
4980:Harrison, Glenn (2006).
4914:Decision Support Systems
4019:American Economic Review
3974:"Zender's lecture notes"
2807:{\displaystyle \rho =1,}
2185:{\displaystyle A(c)=1/c}
1270:is unique in exhibiting
679:), after the economists
231:A person is said to be:
39:Risk attitude (security)
6952:Financial risk modeling
6093:Industrial organization
5923:Computational economics
5715:Industrial organization
5076:"Monkey business-sense"
5052:Rabin, Matthew (2000).
4333:10.1111/1468-0262.00158
4282:Prokop, Darren (2023).
3670:entrepreneurial venture
3567:von Neumann-Morgenstern
2897:modern portfolio theory
1170:{\displaystyle \beta ,}
1147:{\displaystyle \alpha }
6298:Modern monetary theory
5963:Experimental economics
5933:Pluralism in economics
5918:Mathematical economics
5149:Cite journal requires
5039:Cite journal requires
3754:St. Petersburg paradox
3682:downside risk aversion
3502:small stakes decisions
3487:
3390:
3368:
3286:
3264:
3216:
3168:
3054:
2976:
2808:
2779:
2729:
2691:
2598:
2531:
2424:Relative risk aversion
2413:
2329:
2265:
2240:
2186:
2143:
2096:
2056:
2016:
1973:
1806:
1770:
1706:
1680:
1619:
1593:
1549:
1512:
1422:
1303:
1264:
1200:
1171:
1148:
1128:
1099:
1053:
992:
944:
885:
856:
836:
835:{\displaystyle u''(c)}
802:
765:
665:
640:affine transformations
632:
605:Absolute risk aversion
570:
517:
446:
61:
5685:Engineering economics
5280:Cost–benefit analysis
5101:Philosophical Studies
4223:Gerber, Anke (2020).
4117:Research in Economics
3909:Arrow, K. J. (1965).
3764:Uncertainty avoidance
3740:, a contrary behavior
3708:Equity premium puzzle
3488:
3391:
3369:
3287:
3265:
3217:
3169:
3055:
2977:
2809:
2780:
2730:
2692:
2599:
2532:
2414:
2330:
2266:
2241:
2187:
2144:
2097:
2057:
2017:
1974:
1807:
1771:
1707:
1681:
1620:
1594:
1550:
1548:{\displaystyle R=1/a}
1513:
1423:
1304:
1265:
1201:
1172:
1149:
1129:
1100:
1054:
993:
945:
886:
857:
837:
803:
801:{\displaystyle u'(c)}
766:
666:
633:
571:
518:
447:
328:affine transformation
314:The utility function
47:
6172:Social choice theory
5928:Behavioral economics
5502:Price discrimination
5396:Intertemporal choice
5092:Doody, Ryan (2023).
4899:10.1093/rfs/15.2.455
4811:10.1162/REST_a_00505
3619:Cambridge University
3594:behavioral economics
3542:behavioral economics
3402:
3380:
3298:
3276:
3227:
3179:
3104:
2989:
2934:
2901:risk-return spectrum
2789:
2739:
2704:
2630:
2613:intertemporal choice
2561:
2443:
2346:
2275:
2249:
2196:
2153:
2106:
2066:
2026:
1986:
1820:
1805:{\displaystyle A(c)}
1787:
1716:
1690:
1629:
1603:
1559:
1525:
1438:
1331:
1278:
1220:
1199:{\displaystyle u(c)}
1181:
1158:
1138:
1127:{\displaystyle A(c)}
1109:
1063:
1002:
954:
895:
884:{\displaystyle u(c)}
866:
846:
812:
778:
698:
687:, also known as the
664:{\displaystyle u(c)}
646:
631:{\displaystyle u(c)}
613:
530:
478:
383:
276:certainty equivalent
244:certainty equivalent
150:Certainty equivalent
6256:American (National)
5956:Economic statistics
5813:Business portal
5750:Operations research
5577:Substitution effect
4944:Theory and Decision
4859:10.1257/jep.15.1.41
4059:10.1093/ajae/aap006
3987:Levy, Haim (2006).
3627:David Spiegelhalter
2842:substitution effect
1705:{\displaystyle b=0}
1625:, this is CARA, as
1618:{\displaystyle a=0}
1214:Exponential utility
1134:does not depend on
365:(100) might be 10,
210:– Maximal payment;
203:– Minimal payment;
6947:Behavioral finance
5391:Indifference curve
5359:Goods and services
5300:Economies of scope
5295:Economies of scale
4739:Gill, Tim (2007).
4529:10.1007/BF00055566
4443:10.1007/BF00213259
4288:www.britannica.com
3703:Ambiguity aversion
3483:
3386:
3364:
3282:
3260:
3212:
3164:
3050:
2972:
2905:standard deviation
2885:monetary economics
2804:
2775:
2725:
2687:
2621:isoelastic utility
2594:
2527:
2409:
2325:
2261:
2236:
2182:
2139:
2092:
2052:
2012:
1969:
1802:
1766:
1702:
1676:
1615:
1589:
1545:
1508:
1418:
1299:
1260:
1206:do not change it.
1196:
1167:
1144:
1124:
1095:
1049:
988:
940:
891:. For example, if
881:
852:
832:
798:
761:
661:
628:
566:
561:
543:
513:
442:
322:) is defined only
62:
6942:Actuarial science
6929:
6928:
6460:New institutional
5831:
5830:
5793:Political economy
5592:Supply and demand
5472:Pareto efficiency
5067:978-0-521-62749-8
4728:on March 9, 2013.
4669:(23): 6212–6218.
4620:(24): 6469–6472.
4201:978-0-691-13061-3
4101:978-81-309-1600-2
3998:978-0-387-29302-8
3865:978-0-566-08798-1
3838:978-1-4724-0403-9
3811:978-1-349-95121-5
3536:as a part of the
3389:{\displaystyle u}
3285:{\displaystyle u}
3084:Oskar Morgenstern
3048:
3045:
2970:
2858:number of dollars
2685:
2525:
2407:
1961:
1850:
1599:. Note that when
1506:
1416:
1392:
855:{\displaystyle c}
759:
560:
542:
373:(50) might be 6.
16:(Redirected from
6964:
6133:Natural resource
5968:Economic history
5906:Mechanism design
5858:
5851:
5844:
5835:
5821:
5820:
5811:
5810:
5553:Returns to scale
5411:Market structure
5191:
5184:
5177:
5168:
5158:
5152:
5147:
5145:
5137:
5124:
5107:(7): 2079–2104.
5098:
5083:
5071:
5048:
5042:
5037:
5035:
5027:
5002:
5001:
4977:
4968:
4967:
4939:
4930:
4929:
4909:
4903:
4902:
4892:
4870:
4864:
4863:
4861:
4837:
4831:
4830:
4790:
4784:
4783:
4773:
4767:
4766:
4764:
4758:. Archived from
4747:
4736:
4730:
4729:
4727:
4712:
4703:
4697:
4696:
4686:
4654:
4648:
4647:
4637:
4605:
4596:
4595:
4563:
4557:
4556:
4508:
4502:
4501:
4461:
4455:
4454:
4426:
4420:
4419:
4399:
4393:
4392:
4374:
4354:
4345:
4344:
4326:
4317:(5): 1281–1292.
4304:
4298:
4297:
4295:
4294:
4279:
4273:
4272:
4254:
4244:
4229:Homo Oeconomicus
4220:
4214:
4213:
4185:
4176:
4175:
4147:
4141:
4140:
4112:
4106:
4105:
4087:
4081:
4080:
4070:
4042:
4036:
4035:
4009:
4003:
4002:
3984:
3978:
3977:
3970:
3964:
3963:
3946:(1/2): 122–136.
3935:
3926:
3918:
3906:
3897:
3896:
3876:
3870:
3869:
3849:
3843:
3842:
3822:
3816:
3815:
3796:. pp. 1–6.
3789:
3759:Statistical risk
3738:Problem gambling
3723:Marginal utility
3713:Investor profile
3674:utility function
3614:opportunity cost
3571:Nash Game Theory
3550:certainty effect
3492:
3490:
3489:
3484:
3395:
3393:
3392:
3387:
3373:
3371:
3370:
3365:
3291:
3289:
3288:
3283:
3269:
3267:
3266:
3261:
3221:
3219:
3218:
3213:
3173:
3171:
3170:
3165:
3080:John von Neumann
3074:expected utility
3059:
3057:
3056:
3051:
3049:
3047:
3046:
3044:
3039:
3038:
3029:
3023:
3006:
3001:
3000:
2981:
2979:
2978:
2973:
2971:
2969:
2961:
2944:
2891:Portfolio theory
2835:
2816:l'HĂ´pital's rule
2813:
2811:
2810:
2805:
2784:
2782:
2781:
2776:
2771:
2760:
2759:
2734:
2732:
2731:
2726:
2696:
2694:
2693:
2688:
2686:
2684:
2673:
2666:
2665:
2649:
2607:
2603:
2601:
2600:
2595:
2536:
2534:
2533:
2528:
2526:
2524:
2514:
2505:
2495:
2480:
2418:
2416:
2415:
2410:
2408:
2406:
2396:
2387:
2377:
2368:
2334:
2332:
2331:
2326:
2303:
2270:
2268:
2267:
2262:
2245:
2243:
2242:
2237:
2232:
2231:
2191:
2189:
2188:
2183:
2178:
2148:
2146:
2145:
2140:
2101:
2099:
2098:
2093:
2076:
2061:
2059:
2058:
2053:
2036:
2021:
2019:
2018:
2013:
1996:
1978:
1976:
1975:
1970:
1962:
1960:
1959:
1958:
1940:
1928:
1927:
1926:
1908:
1885:
1868:
1859:
1851:
1849:
1841:
1824:
1811:
1809:
1808:
1803:
1775:
1773:
1772:
1767:
1744:
1711:
1709:
1708:
1703:
1685:
1683:
1682:
1677:
1654:
1624:
1622:
1621:
1616:
1598:
1596:
1595:
1590:
1585:
1571:
1570:
1554:
1552:
1551:
1546:
1541:
1517:
1515:
1514:
1509:
1507:
1505:
1494:
1493:
1492:
1477:
1476:
1457:
1427:
1425:
1424:
1419:
1417:
1415:
1398:
1393:
1391:
1381:
1372:
1362:
1353:
1308:
1306:
1305:
1300:
1269:
1267:
1266:
1261:
1259:
1258:
1205:
1203:
1202:
1197:
1176:
1174:
1173:
1168:
1153:
1151:
1150:
1145:
1133:
1131:
1130:
1125:
1104:
1102:
1101:
1096:
1088:
1058:
1056:
1055:
1050:
1045:
1044:
1035:
1012:
997:
995:
994:
989:
984:
964:
949:
947:
946:
941:
890:
888:
887:
882:
861:
859:
858:
853:
841:
839:
838:
833:
822:
807:
805:
804:
799:
788:
770:
768:
767:
762:
760:
758:
748:
739:
729:
720:
670:
668:
667:
662:
637:
635:
634:
629:
575:
573:
572:
567:
562:
553:
544:
535:
522:
520:
519:
514:
506:
451:
449:
448:
443:
438:
361:(0) could be 0,
293:expected utility
287:Utility of money
136:
122:
108:
27:Economics theory
21:
6972:
6971:
6967:
6966:
6965:
6963:
6962:
6961:
6932:
6931:
6930:
6925:
6922:Business portal
6889:
6888:
6887:
6847:
6611:von Böhm-Bawerk
6499:
6498:
6489:
6261:Ancient thought
6239:
6238:
6232:
6223:
6222:
6221:
5972:
5937:
5901:Contract theory
5886:Decision theory
5867:
5862:
5832:
5827:
5805:
5797:
5764:
5643:
5285:Deadweight loss
5222:Consumer choice
5200:
5195:
5148:
5138:
5127:
5096:
5091:
5082:. 23 June 2005.
5074:
5068:
5051:
5038:
5028:
5017:
5014:
5006:
5005:
4979:
4978:
4971:
4941:
4940:
4933:
4911:
4910:
4906:
4872:
4871:
4867:
4839:
4838:
4834:
4792:
4791:
4787:
4775:
4774:
4770:
4762:
4756:
4745:
4738:
4737:
4733:
4725:
4710:
4705:
4704:
4700:
4656:
4655:
4651:
4607:
4606:
4599:
4565:
4564:
4560:
4510:
4509:
4505:
4482:10.2307/1912605
4463:
4462:
4458:
4428:
4427:
4423:
4401:
4400:
4396:
4381:10.2307/1914185
4372:10.1.1.407.1910
4356:
4355:
4348:
4324:10.1.1.295.4269
4306:
4305:
4301:
4292:
4290:
4281:
4280:
4276:
4235:(1–2): 87–104.
4222:
4221:
4217:
4202:
4187:
4186:
4179:
4149:
4148:
4144:
4114:
4113:
4109:
4102:
4089:
4088:
4084:
4044:
4043:
4039:
4014:Blume, Marshall
4012:Friend, Irwin;
4011:
4010:
4006:
3999:
3986:
3985:
3981:
3972:
3971:
3967:
3952:10.2307/1913738
3937:
3936:
3929:
3908:
3907:
3900:
3878:
3877:
3873:
3866:
3851:
3850:
3846:
3839:
3824:
3823:
3819:
3812:
3791:
3790:
3783:
3778:
3699:
3665:
3656:Deal or No Deal
3652:
3635:
3617:focus. In 2007
3606:
3598:neuromodulation
3586:
3580:
3562:
3538:prospect theory
3519:prospect theory
3498:
3400:
3399:
3378:
3377:
3296:
3295:
3274:
3273:
3225:
3224:
3177:
3176:
3102:
3101:
3066:
3030:
3024:
3007:
2992:
2987:
2986:
2962:
2945:
2932:
2931:
2926:
2893:
2853:
2823:
2787:
2786:
2742:
2737:
2736:
2702:
2701:
2674:
2651:
2650:
2628:
2627:
2605:
2559:
2558:
2507:
2506:
2488:
2481:
2441:
2440:
2426:
2389:
2388:
2370:
2369:
2344:
2343:
2273:
2272:
2247:
2246:
2223:
2194:
2193:
2151:
2150:
2104:
2103:
2069:
2064:
2063:
2029:
2024:
2023:
1989:
1984:
1983:
1950:
1933:
1929:
1918:
1901:
1878:
1861:
1860:
1842:
1825:
1818:
1817:
1785:
1784:
1714:
1713:
1688:
1687:
1627:
1626:
1601:
1600:
1562:
1557:
1556:
1523:
1522:
1495:
1478:
1468:
1458:
1436:
1435:
1402:
1374:
1373:
1355:
1354:
1329:
1328:
1276:
1275:
1244:
1218:
1217:
1179:
1178:
1156:
1155:
1136:
1135:
1107:
1106:
1061:
1060:
1036:
1005:
1000:
999:
957:
952:
951:
893:
892:
864:
863:
844:
843:
815:
810:
809:
781:
776:
775:
741:
740:
722:
721:
696:
695:
644:
643:
611:
610:
607:
599:
528:
527:
476:
475:
381:
380:
357:. For instance
289:
221:
220:
219:
218:
208:
201:
193:
185:
142:
141:
140:
137:
128:
127:
126:
123:
114:
113:
112:
109:
98:
42:
35:
28:
23:
22:
15:
12:
11:
5:
6970:
6968:
6960:
6959:
6954:
6949:
6944:
6934:
6933:
6927:
6926:
6924:
6919:
6914:
6909:
6904:
6899:
6894:
6891:
6890:
6886:
6885:
6880:
6870:
6865:
6859:
6858:
6857:
6855:
6849:
6848:
6846:
6845:
6838:
6833:
6828:
6823:
6818:
6813:
6808:
6803:
6798:
6793:
6788:
6783:
6778:
6773:
6768:
6763:
6758:
6753:
6748:
6743:
6738:
6733:
6728:
6723:
6718:
6713:
6708:
6703:
6698:
6693:
6688:
6683:
6678:
6673:
6668:
6663:
6658:
6653:
6648:
6643:
6638:
6633:
6628:
6623:
6618:
6613:
6608:
6603:
6598:
6593:
6588:
6583:
6578:
6573:
6568:
6563:
6558:
6553:
6548:
6543:
6538:
6533:
6528:
6523:
6518:
6513:
6508:
6502:
6500:
6494:
6491:
6490:
6488:
6487:
6482:
6477:
6472:
6467:
6462:
6457:
6456:
6455:
6445:
6444:
6443:
6433:
6428:
6423:
6422:
6421:
6411:
6406:
6401:
6400:
6399:
6398:
6397:
6387:
6382:
6367:
6362:
6357:
6352:
6347:
6342:
6337:
6332:
6327:
6325:Disequilibrium
6322:
6317:
6312:
6307:
6302:
6301:
6300:
6290:
6285:
6280:
6275:
6274:
6273:
6263:
6258:
6253:
6248:
6242:
6240:
6228:
6225:
6224:
6220:
6219:
6214:
6209:
6204:
6199:
6194:
6189:
6184:
6179:
6174:
6165:
6160:
6155:
6150:
6145:
6140:
6138:Organizational
6135:
6130:
6125:
6120:
6115:
6110:
6105:
6100:
6095:
6090:
6085:
6080:
6075:
6070:
6065:
6060:
6055:
6050:
6045:
6040:
6035:
6030:
6025:
6020:
6015:
6010:
6005:
6000:
5995:
5990:
5984:
5983:
5982:
5980:
5974:
5973:
5971:
5970:
5965:
5960:
5959:
5958:
5947:
5945:
5939:
5938:
5936:
5935:
5930:
5925:
5920:
5915:
5913:Macroeconomics
5910:
5909:
5908:
5903:
5898:
5893:
5888:
5881:Microeconomics
5877:
5875:
5869:
5868:
5863:
5861:
5860:
5853:
5846:
5838:
5829:
5828:
5826:
5825:
5815:
5802:
5799:
5798:
5796:
5795:
5790:
5788:Macroeconomics
5785:
5784:
5783:
5772:
5770:
5766:
5765:
5763:
5762:
5757:
5752:
5747:
5742:
5737:
5732:
5727:
5722:
5717:
5712:
5707:
5702:
5697:
5692:
5687:
5682:
5677:
5672:
5667:
5662:
5657:
5651:
5649:
5645:
5644:
5642:
5641:
5636:
5635:
5634:
5629:
5619:
5614:
5613:
5612:
5603:
5589:
5584:
5579:
5574:
5565:
5560:
5555:
5550:
5545:
5540:
5535:
5530:
5525:
5524:
5523:
5518:
5509:
5504:
5499:
5494:
5489:
5487:Price controls
5479:
5474:
5469:
5468:
5467:
5462:
5457:
5452:
5451:
5450:
5445:
5435:
5430:
5429:
5428:
5423:
5408:
5406:Market failure
5403:
5398:
5393:
5388:
5383:
5378:
5373:
5372:
5371:
5366:
5356:
5351:
5346:
5341:
5340:
5339:
5329:
5328:
5327:
5322:
5317:
5312:
5302:
5297:
5292:
5287:
5282:
5277:
5276:
5275:
5270:
5265:
5260:
5259:
5258:
5248:
5243:
5233:
5224:
5219:
5214:
5208:
5206:
5202:
5201:
5198:Microeconomics
5196:
5194:
5193:
5186:
5179:
5171:
5165:
5164:
5159:
5151:|journal=
5125:
5089:
5084:
5072:
5066:
5049:
5041:|journal=
5013:
5012:External links
5010:
5004:
5003:
4992:(3): 897–901.
4969:
4931:
4920:(3): 505–524.
4904:
4890:10.1.1.46.6569
4883:(2): 455–488.
4865:
4832:
4805:(2): 318–332.
4785:
4782:. Teachers TV.
4768:
4765:on 2009-03-06.
4754:
4731:
4698:
4649:
4597:
4558:
4523:(1): 101–124.
4503:
4476:(3): 639–647.
4456:
4421:
4410:(3): 395–418.
4394:
4346:
4299:
4274:
4215:
4200:
4177:
4142:
4107:
4100:
4082:
4053:(1): 273–282.
4037:
4026:(5): 900–922.
4004:
3997:
3979:
3965:
3927:
3919:Reprinted in:
3898:
3871:
3864:
3844:
3837:
3817:
3810:
3780:
3779:
3777:
3774:
3773:
3772:
3767:
3761:
3756:
3751:
3746:
3741:
3735:
3730:
3728:Neuroeconomics
3725:
3720:
3715:
3710:
3705:
3698:
3695:
3664:
3661:
3651:
3648:
3634:
3631:
3621:initiated the
3605:
3602:
3590:neuroeconomics
3582:Main article:
3579:
3576:
3561:
3558:
3497:
3494:
3482:
3479:
3476:
3473:
3470:
3467:
3464:
3461:
3458:
3455:
3452:
3449:
3446:
3443:
3440:
3437:
3434:
3431:
3428:
3425:
3422:
3419:
3416:
3413:
3410:
3407:
3385:
3363:
3360:
3357:
3354:
3351:
3348:
3345:
3342:
3339:
3336:
3333:
3330:
3327:
3324:
3321:
3318:
3315:
3312:
3309:
3306:
3303:
3281:
3259:
3256:
3253:
3250:
3247:
3244:
3241:
3238:
3235:
3232:
3211:
3208:
3205:
3202:
3199:
3196:
3193:
3190:
3187:
3184:
3163:
3160:
3157:
3154:
3151:
3148:
3145:
3142:
3139:
3136:
3133:
3130:
3127:
3124:
3121:
3118:
3115:
3112:
3109:
3065:
3062:
3061:
3060:
3043:
3037:
3033:
3027:
3022:
3019:
3016:
3013:
3010:
3004:
2999:
2995:
2983:
2982:
2968:
2965:
2960:
2957:
2954:
2951:
2948:
2942:
2939:
2924:
2921:central moment
2892:
2889:
2852:
2849:
2803:
2800:
2797:
2794:
2774:
2770:
2766:
2763:
2758:
2755:
2752:
2749:
2745:
2724:
2721:
2718:
2715:
2712:
2709:
2698:
2697:
2683:
2680:
2677:
2672:
2669:
2664:
2661:
2658:
2654:
2647:
2644:
2641:
2638:
2635:
2615:problems, the
2593:
2590:
2587:
2584:
2581:
2578:
2575:
2572:
2569:
2566:
2539:
2538:
2523:
2520:
2517:
2513:
2510:
2504:
2501:
2498:
2494:
2491:
2487:
2484:
2478:
2475:
2472:
2469:
2466:
2463:
2460:
2457:
2454:
2451:
2448:
2436:is defined as
2425:
2422:
2421:
2420:
2405:
2402:
2399:
2395:
2392:
2386:
2383:
2380:
2376:
2373:
2366:
2363:
2360:
2357:
2354:
2351:
2340:
2324:
2321:
2318:
2315:
2312:
2309:
2306:
2302:
2298:
2295:
2292:
2289:
2286:
2283:
2280:
2260:
2257:
2254:
2235:
2230:
2226:
2222:
2219:
2216:
2213:
2210:
2207:
2204:
2201:
2181:
2177:
2173:
2170:
2167:
2164:
2161:
2158:
2138:
2135:
2132:
2129:
2126:
2123:
2120:
2117:
2114:
2111:
2091:
2088:
2085:
2082:
2079:
2075:
2072:
2051:
2048:
2045:
2042:
2039:
2035:
2032:
2011:
2008:
2005:
2002:
1999:
1995:
1992:
1980:
1979:
1968:
1965:
1957:
1953:
1949:
1946:
1943:
1939:
1936:
1932:
1925:
1921:
1917:
1914:
1911:
1907:
1904:
1900:
1897:
1894:
1891:
1888:
1884:
1881:
1877:
1874:
1871:
1867:
1864:
1857:
1854:
1848:
1845:
1840:
1837:
1834:
1831:
1828:
1814:
1813:
1801:
1798:
1795:
1792:
1765:
1762:
1759:
1756:
1753:
1750:
1747:
1743:
1739:
1736:
1733:
1730:
1727:
1724:
1721:
1701:
1698:
1695:
1675:
1672:
1669:
1666:
1663:
1660:
1657:
1653:
1649:
1646:
1643:
1640:
1637:
1634:
1614:
1611:
1608:
1588:
1584:
1580:
1577:
1574:
1569:
1565:
1544:
1540:
1536:
1533:
1530:
1519:
1518:
1504:
1501:
1498:
1491:
1488:
1485:
1481:
1475:
1471:
1467:
1464:
1461:
1455:
1452:
1449:
1446:
1443:
1429:
1428:
1414:
1411:
1408:
1405:
1401:
1396:
1390:
1387:
1384:
1380:
1377:
1371:
1368:
1365:
1361:
1358:
1351:
1348:
1345:
1342:
1339:
1336:
1325:
1324:
1314:
1298:
1295:
1292:
1289:
1286:
1283:
1257:
1254:
1251:
1247:
1243:
1240:
1237:
1234:
1231:
1228:
1225:
1195:
1192:
1189:
1186:
1166:
1163:
1143:
1123:
1120:
1117:
1114:
1094:
1091:
1087:
1083:
1080:
1077:
1074:
1071:
1068:
1048:
1043:
1039:
1034:
1030:
1027:
1024:
1021:
1018:
1015:
1011:
1008:
987:
983:
979:
976:
973:
970:
967:
963:
960:
939:
936:
933:
930:
927:
924:
921:
918:
915:
912:
909:
906:
903:
900:
880:
877:
874:
871:
851:
831:
828:
825:
821:
818:
797:
794:
791:
787:
784:
772:
771:
757:
754:
751:
747:
744:
738:
735:
732:
728:
725:
718:
715:
712:
709:
706:
703:
660:
657:
654:
651:
627:
624:
621:
618:
606:
603:
598:
595:
565:
559:
556:
550:
547:
541:
538:
524:
523:
512:
509:
505:
501:
498:
495:
492:
489:
486:
483:
454:
453:
441:
437:
433:
430:
427:
424:
421:
418:
415:
412:
409:
406:
403:
400:
397:
394:
391:
388:
288:
285:
272:expected value
268:
267:
255:
247:
226:risk attitudes
206:
199:
191:
183:
158:Expected value
144:
143:
138:
131:
130:
129:
124:
117:
116:
115:
110:
103:
102:
101:
100:
99:
97:
94:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
6969:
6958:
6955:
6953:
6950:
6948:
6945:
6943:
6940:
6939:
6937:
6923:
6920:
6918:
6915:
6913:
6910:
6908:
6905:
6903:
6900:
6898:
6895:
6892:
6884:
6881:
6878:
6874:
6871:
6869:
6866:
6864:
6861:
6860:
6856:
6854:
6850:
6844:
6843:
6839:
6837:
6834:
6832:
6829:
6827:
6824:
6822:
6819:
6817:
6814:
6812:
6809:
6807:
6804:
6802:
6799:
6797:
6794:
6792:
6789:
6787:
6784:
6782:
6779:
6777:
6774:
6772:
6769:
6767:
6764:
6762:
6759:
6757:
6754:
6752:
6749:
6747:
6744:
6742:
6739:
6737:
6734:
6732:
6729:
6727:
6724:
6722:
6719:
6717:
6714:
6712:
6709:
6707:
6704:
6702:
6699:
6697:
6694:
6692:
6689:
6687:
6684:
6682:
6679:
6677:
6674:
6672:
6669:
6667:
6664:
6662:
6659:
6657:
6654:
6652:
6649:
6647:
6644:
6642:
6639:
6637:
6634:
6632:
6629:
6627:
6624:
6622:
6619:
6617:
6614:
6612:
6609:
6607:
6604:
6602:
6599:
6597:
6594:
6592:
6589:
6587:
6584:
6582:
6579:
6577:
6574:
6572:
6569:
6567:
6564:
6562:
6559:
6557:
6554:
6552:
6549:
6547:
6544:
6542:
6539:
6537:
6534:
6532:
6529:
6527:
6524:
6522:
6519:
6517:
6514:
6512:
6509:
6507:
6506:de Mandeville
6504:
6503:
6501:
6497:
6492:
6486:
6483:
6481:
6478:
6476:
6473:
6471:
6468:
6466:
6463:
6461:
6458:
6454:
6451:
6450:
6449:
6448:New classical
6446:
6442:
6439:
6438:
6437:
6434:
6432:
6429:
6427:
6424:
6420:
6417:
6416:
6415:
6412:
6410:
6407:
6405:
6404:Malthusianism
6402:
6396:
6393:
6392:
6391:
6388:
6386:
6383:
6380:
6376:
6373:
6372:
6371:
6368:
6366:
6365:Institutional
6363:
6361:
6358:
6356:
6353:
6351:
6348:
6346:
6343:
6341:
6338:
6336:
6333:
6331:
6328:
6326:
6323:
6321:
6318:
6316:
6313:
6311:
6308:
6306:
6303:
6299:
6296:
6295:
6294:
6291:
6289:
6286:
6284:
6281:
6279:
6276:
6272:
6269:
6268:
6267:
6264:
6262:
6259:
6257:
6254:
6252:
6249:
6247:
6244:
6243:
6241:
6236:
6231:
6226:
6218:
6215:
6213:
6210:
6208:
6205:
6203:
6200:
6198:
6195:
6193:
6190:
6188:
6185:
6183:
6180:
6178:
6175:
6173:
6169:
6168:Public choice
6166:
6164:
6161:
6159:
6156:
6154:
6151:
6149:
6146:
6144:
6143:Participation
6141:
6139:
6136:
6134:
6131:
6129:
6126:
6124:
6121:
6119:
6116:
6114:
6111:
6109:
6106:
6104:
6103:Institutional
6101:
6099:
6096:
6094:
6091:
6089:
6086:
6084:
6081:
6079:
6076:
6074:
6071:
6069:
6066:
6064:
6061:
6059:
6056:
6054:
6053:Expeditionary
6051:
6049:
6046:
6044:
6043:Environmental
6041:
6039:
6036:
6034:
6031:
6029:
6026:
6024:
6021:
6019:
6016:
6014:
6011:
6009:
6006:
6004:
6001:
5999:
5996:
5994:
5991:
5989:
5986:
5985:
5981:
5979:
5975:
5969:
5966:
5964:
5961:
5957:
5954:
5953:
5952:
5949:
5948:
5946:
5944:
5940:
5934:
5931:
5929:
5926:
5924:
5921:
5919:
5916:
5914:
5911:
5907:
5904:
5902:
5899:
5897:
5894:
5892:
5889:
5887:
5884:
5883:
5882:
5879:
5878:
5876:
5874:
5870:
5866:
5859:
5854:
5852:
5847:
5845:
5840:
5839:
5836:
5824:
5816:
5814:
5809:
5804:
5803:
5800:
5794:
5791:
5789:
5786:
5782:
5779:
5778:
5777:
5774:
5773:
5771:
5767:
5761:
5758:
5756:
5753:
5751:
5748:
5746:
5743:
5741:
5738:
5736:
5733:
5731:
5728:
5726:
5723:
5721:
5720:Institutional
5718:
5716:
5713:
5711:
5708:
5706:
5703:
5701:
5698:
5696:
5693:
5691:
5688:
5686:
5683:
5681:
5678:
5676:
5673:
5671:
5668:
5666:
5665:Computational
5663:
5661:
5658:
5656:
5653:
5652:
5650:
5646:
5640:
5637:
5633:
5630:
5628:
5625:
5624:
5623:
5620:
5618:
5615:
5611:
5610:Law of supply
5607:
5604:
5602:
5601:Law of demand
5598:
5595:
5594:
5593:
5590:
5588:
5587:Social choice
5585:
5583:
5580:
5578:
5575:
5573:
5572:Excess supply
5569:
5566:
5564:
5561:
5559:
5558:Risk aversion
5556:
5554:
5551:
5549:
5546:
5544:
5541:
5539:
5536:
5534:
5531:
5529:
5526:
5522:
5519:
5517:
5513:
5510:
5508:
5505:
5503:
5500:
5498:
5495:
5493:
5492:Price ceiling
5490:
5488:
5485:
5484:
5483:
5480:
5478:
5475:
5473:
5470:
5466:
5463:
5461:
5458:
5456:
5453:
5449:
5448:Complementary
5446:
5444:
5441:
5440:
5439:
5436:
5434:
5431:
5427:
5424:
5422:
5419:
5418:
5417:
5414:
5413:
5412:
5409:
5407:
5404:
5402:
5399:
5397:
5394:
5392:
5389:
5387:
5384:
5382:
5379:
5377:
5374:
5370:
5367:
5365:
5362:
5361:
5360:
5357:
5355:
5352:
5350:
5347:
5345:
5342:
5338:
5335:
5334:
5333:
5330:
5326:
5323:
5321:
5318:
5316:
5313:
5311:
5308:
5307:
5306:
5303:
5301:
5298:
5296:
5293:
5291:
5288:
5286:
5283:
5281:
5278:
5274:
5271:
5269:
5266:
5264:
5261:
5257:
5254:
5253:
5252:
5249:
5247:
5244:
5242:
5239:
5238:
5237:
5234:
5232:
5231:non-convexity
5228:
5225:
5223:
5220:
5218:
5215:
5213:
5210:
5209:
5207:
5203:
5199:
5192:
5187:
5185:
5180:
5178:
5173:
5172:
5169:
5163:
5160:
5156:
5143:
5135:
5131:
5126:
5122:
5118:
5114:
5110:
5106:
5102:
5095:
5090:
5088:
5085:
5081:
5080:The Economist
5077:
5073:
5069:
5063:
5059:
5055:
5050:
5046:
5033:
5025:
5021:
5016:
5015:
5011:
5009:
4999:
4995:
4991:
4987:
4983:
4976:
4974:
4970:
4965:
4961:
4957:
4953:
4949:
4945:
4938:
4936:
4932:
4927:
4923:
4919:
4915:
4908:
4905:
4900:
4896:
4891:
4886:
4882:
4878:
4877:
4869:
4866:
4860:
4855:
4851:
4847:
4843:
4836:
4833:
4828:
4824:
4820:
4816:
4812:
4808:
4804:
4800:
4796:
4789:
4786:
4781:
4780:
4772:
4769:
4761:
4757:
4755:9781903080085
4751:
4744:
4743:
4735:
4732:
4724:
4720:
4716:
4709:
4708:"Don's Diary"
4702:
4699:
4694:
4690:
4685:
4680:
4676:
4672:
4668:
4664:
4660:
4653:
4650:
4645:
4641:
4636:
4631:
4627:
4623:
4619:
4615:
4611:
4604:
4602:
4598:
4593:
4589:
4585:
4581:
4577:
4573:
4569:
4562:
4559:
4554:
4550:
4546:
4542:
4538:
4534:
4530:
4526:
4522:
4518:
4514:
4507:
4504:
4499:
4495:
4491:
4487:
4483:
4479:
4475:
4471:
4467:
4460:
4457:
4452:
4448:
4444:
4440:
4436:
4432:
4425:
4422:
4417:
4413:
4409:
4405:
4398:
4395:
4390:
4386:
4382:
4378:
4373:
4368:
4364:
4360:
4353:
4351:
4347:
4342:
4338:
4334:
4330:
4325:
4320:
4316:
4312:
4311:
4303:
4300:
4289:
4285:
4278:
4275:
4270:
4266:
4262:
4258:
4253:
4248:
4243:
4238:
4234:
4230:
4226:
4219:
4216:
4211:
4207:
4203:
4197:
4193:
4192:
4184:
4182:
4178:
4173:
4169:
4165:
4161:
4158:(1): 95–111.
4157:
4153:
4146:
4143:
4138:
4134:
4130:
4126:
4122:
4118:
4111:
4108:
4103:
4097:
4093:
4086:
4083:
4078:
4074:
4069:
4064:
4060:
4056:
4052:
4048:
4041:
4038:
4033:
4029:
4025:
4021:
4020:
4015:
4008:
4005:
4000:
3994:
3990:
3983:
3980:
3975:
3969:
3966:
3961:
3957:
3953:
3949:
3945:
3941:
3934:
3932:
3928:
3924:
3923:
3916:
3912:
3905:
3903:
3899:
3894:
3890:
3886:
3882:
3875:
3872:
3867:
3861:
3857:
3856:
3848:
3845:
3840:
3834:
3830:
3829:
3821:
3818:
3813:
3807:
3803:
3799:
3795:
3788:
3786:
3782:
3775:
3771:
3768:
3765:
3762:
3760:
3757:
3755:
3752:
3750:
3747:
3745:
3742:
3739:
3736:
3734:
3733:Optimism bias
3731:
3729:
3726:
3724:
3721:
3719:
3718:Loss aversion
3716:
3714:
3711:
3709:
3706:
3704:
3701:
3700:
3696:
3694:
3690:
3686:
3683:
3679:
3675:
3671:
3662:
3660:
3657:
3649:
3647:
3644:
3640:
3632:
3630:
3628:
3624:
3620:
3615:
3611:
3603:
3601:
3599:
3595:
3591:
3585:
3577:
3575:
3572:
3568:
3559:
3557:
3553:
3551:
3546:
3543:
3539:
3535:
3531:
3526:
3524:
3520:
3514:
3513:
3509:
3507:
3506:Matthew Rabin
3503:
3495:
3493:
3477:
3474:
3471:
3468:
3465:
3462:
3459:
3456:
3453:
3450:
3447:
3444:
3441:
3438:
3432:
3429:
3426:
3420:
3414:
3408:
3405:
3397:
3383:
3374:
3358:
3349:
3346:
3343:
3337:
3334:
3331:
3322:
3319:
3316:
3310:
3304:
3301:
3293:
3279:
3270:
3257:
3254:
3251:
3245:
3239:
3233:
3230:
3222:
3209:
3206:
3203:
3197:
3191:
3185:
3182:
3174:
3158:
3149:
3146:
3140:
3137:
3134:
3125:
3122:
3116:
3110:
3107:
3099:
3095:
3092:
3090:
3085:
3081:
3077:
3075:
3071:
3063:
3041:
3035:
3031:
3025:
3017:
3011:
3008:
3002:
2997:
2993:
2985:
2984:
2966:
2963:
2955:
2949:
2946:
2940:
2937:
2930:
2929:
2928:
2922:
2918:
2914:
2910:
2906:
2902:
2898:
2890:
2888:
2886:
2882:
2877:
2875:
2871:
2866:
2863:
2859:
2850:
2848:
2845:
2843:
2839:
2838:income effect
2834:
2830:
2826:
2821:
2817:
2801:
2798:
2795:
2792:
2772:
2768:
2764:
2761:
2753:
2747:
2743:
2722:
2719:
2713:
2707:
2681:
2678:
2675:
2670:
2667:
2662:
2659:
2656:
2652:
2645:
2639:
2633:
2626:
2625:
2624:
2622:
2618:
2614:
2609:
2588:
2582:
2579:
2576:
2570:
2564:
2556:
2552:
2548:
2544:
2518:
2511:
2508:
2499:
2492:
2489:
2485:
2482:
2476:
2470:
2464:
2461:
2458:
2452:
2446:
2439:
2438:
2437:
2435:
2431:
2423:
2400:
2393:
2390:
2381:
2374:
2371:
2364:
2361:
2355:
2349:
2341:
2338:
2337:
2336:
2319:
2316:
2313:
2310:
2307:
2300:
2296:
2293:
2290:
2284:
2278:
2258:
2255:
2252:
2233:
2228:
2224:
2220:
2217:
2214:
2211:
2205:
2199:
2179:
2175:
2171:
2168:
2162:
2156:
2133:
2127:
2124:
2121:
2115:
2109:
2089:
2086:
2080:
2073:
2070:
2049:
2046:
2040:
2033:
2030:
2009:
2006:
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1993:
1990:
1966:
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692:
691:, defined as
690:
686:
685:John W. Pratt
682:
681:Kenneth Arrow
678:
674:
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649:
641:
622:
616:
604:
602:
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286:
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248:
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241:
240:risk avoiding
237:
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229:
227:
217:
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209:
202:
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187:
179:
175:
171:
167:
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159:
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147:
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107:
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91:
87:
81:
79:
75:
74:risk aversion
71:
67:
59:
55:
51:
46:
40:
33:
19:
6917:Publications
6873:Publications
6840:
6436:Neoclassical
6426:Mercantilism
6335:Evolutionary
6197:Sociological
6170: /
6068:Geographical
6048:Evolutionary
6023:Digitization
5988:Agricultural
5951:Econometrics
5891:Price theory
5755:Optimization
5740:Mathematical
5700:Experimental
5695:Evolutionary
5680:Econometrics
5557:
5538:Public goods
5512:Price system
5507:Price signal
5421:Monopolistic
5290:Distribution
5205:Major topics
5142:cite journal
5104:
5100:
5079:
5057:
5032:cite journal
5007:
4989:
4985:
4947:
4943:
4917:
4913:
4907:
4880:
4874:
4868:
4852:(1): 41–54.
4849:
4845:
4835:
4802:
4798:
4788:
4778:
4771:
4760:the original
4741:
4734:
4723:the original
4718:
4714:
4701:
4666:
4662:
4652:
4617:
4613:
4575:
4571:
4561:
4520:
4516:
4506:
4473:
4470:Econometrica
4469:
4459:
4434:
4430:
4424:
4407:
4403:
4397:
4362:
4359:Econometrica
4358:
4314:
4310:Econometrica
4308:
4302:
4291:. Retrieved
4287:
4277:
4252:10419/288817
4232:
4228:
4218:
4190:
4155:
4151:
4145:
4123:(1): 39–56.
4120:
4116:
4110:
4091:
4085:
4050:
4046:
4040:
4023:
4017:
4007:
3988:
3982:
3968:
3943:
3940:Econometrica
3939:
3921:
3914:
3884:
3880:
3874:
3854:
3847:
3827:
3820:
3793:
3749:Risk premium
3691:
3687:
3678:apportioning
3666:
3653:
3636:
3607:
3587:
3578:In the brain
3563:
3554:
3547:
3527:
3515:
3511:
3510:
3501:
3499:
3398:
3375:
3294:
3271:
3223:
3175:
3100:
3096:
3087:
3078:
3067:
2919:of the n-th
2894:
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2873:
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1430:
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1271:
1216:of the form
1208:
773:
688:
676:
672:
608:
600:
582:
578:
525:
470:
465:
464:(40)=5, and
461:
457:
455:
375:
370:
366:
362:
358:
352:
347:
343:
339:
335:
331:
319:
315:
313:
308:
304:
300:
296:
290:
280:risk premium
269:
264:risk seeking
263:
257:
251:risk neutral
249:
239:
235:
230:
225:
222:
216:Risk premium
211:
204:
197:
189:
181:
177:
169:
165:
161:
153:
145:
82:
73:
63:
57:
54:Middle graph
53:
49:
6711:von Neumann
6480:Supply-side
6465:Physiocracy
6409:Marginalism
6098:Information
6038:Engineering
6018:Development
6013:Demographic
5896:Game theory
5873:Theoretical
5705:Game theory
5670:Development
5617:Uncertainty
5497:Price floor
5477:Preferences
5416:Competition
5386:Information
5349:Externality
5332:Equilibrium
5273:Transaction
5251:Opportunity
5212:Aggregation
4950:: 123–133.
4578:(1): 1–56.
4210:j.ctt1r2gkx
3887:: 272–293.
3643:playgrounds
2909:square root
2820:log utility
2545:(CRRA) and
1686:, and when
259:risk loving
236:risk averse
78:uncertainty
58:Right graph
18:Risk averse
6936:Categories
6868:Economists
6741:Schumacher
6646:Schumpeter
6616:von Wieser
6536:von ThĂĽnen
6496:Economists
6395:Circuitism
6360:Humanistic
6355:Historical
6330:Ecological
6320:Democratic
6293:Chartalism
6283:Behavioral
6246:Mainstream
6207:Statistics
6202:Solidarity
6123:Managerial
6088:Humanistic
6083:Historical
6028:Ecological
5993:Behavioral
5735:Managerial
5655:Behavioral
5528:Production
5465:Oligopsony
5305:Elasticity
5217:Budget set
4365:(2): 263.
4293:2023-04-24
4068:10161/7006
3776:References
2836:, and the
338:) for all
50:Left graph
6786:Greenspan
6751:Samuelson
6731:Galbraith
6701:Tinbergen
6641:von Mises
6636:Heckscher
6596:Edgeworth
6475:Stockholm
6470:Socialist
6370:Keynesian
6350:Happiness
6310:Classical
6271:Mutualism
6266:Anarchist
6251:Heterodox
6148:Personnel
6108:Knowledge
6073:Happiness
6063:Financial
6033:Education
6008:Democracy
5943:Empirical
5865:Economics
5776:Economics
5648:Subfields
5543:Rationing
5460:Oligopoly
5455:Monopsony
5443:Bilateral
5376:Household
5227:Convexity
5121:198977278
4964:228879460
4885:CiteSeerX
4592:0304-4068
4553:154784555
4537:0895-5646
4490:0012-9682
4451:154386816
4367:CiteSeerX
4319:CiteSeerX
4269:256553112
4261:0943-0180
4172:153669907
4137:153856059
3540:, in the
3424:$
3421:≺
3356:$
3329:$
3249:$
3201:$
3156:$
3132:$
3032:μ
2967:σ
2917:n-th root
2793:ρ
2773:ρ
2744:ε
2723:ρ
2682:ρ
2679:−
2668:−
2663:ρ
2660:−
2623:function
2583:
2483:−
2432:(RRA) or
2365:−
2317:α
2311:−
2297:α
2253:α
2221:α
2218:−
2128:
1896:−
1856:−
1844:∂
1827:∂
1576:−
1500:−
1487:−
1466:−
1350:−
1321:hyperbola
1297:α
1253:α
1250:−
1242:−
1162:β
1142:α
1105:Note how
1029:β
1026:−
978:β
920:β
914:α
717:−
508:$
494:$
491:−
485:$
342:, and/or
326:positive
66:economics
6897:Category
6877:journals
6863:Glossary
6816:Stiglitz
6781:Rothbard
6761:Buchanan
6746:Friedman
6736:Koopmans
6726:Leontief
6706:Robinson
6591:Marshall
6441:Lausanne
6345:Georgism
6340:Feminist
6288:Buddhist
6278:Austrian
6177:Regional
6153:Planning
6128:Monetary
6058:Feminist
6003:Cultural
5998:Business
5823:Category
5769:See also
5660:Business
5632:Marginal
5627:Expected
5568:Shortage
5563:Scarcity
5438:Monopoly
5344:Exchange
5256:Implicit
5246:Marginal
4819:57561510
4693:17553993
4644:16775134
4545:41760532
4341:16418792
4077:59290774
3697:See also
3633:Children
3530:Kahneman
2913:variance
2874:relative
2870:fraction
2862:absolute
2831:) = log
2604:implies
2512:′
2493:″
2394:′
2375:″
2192:, while
2074:‴
2034:‴
1994:‴
1938:′
1906:″
1883:‴
1866:′
1379:′
1360:″
1323:, namely
1274:(CARA):
1010:″
962:′
820:″
786:′
746:′
727:″
303:) where
6957:Utility
6912:Outline
6883:Schools
6875: (
6836:Piketty
6831:Krugman
6696:Kuznets
6686:Kalecki
6661:Polanyi
6551:Cournot
6546:Bastiat
6531:Ricardo
6521:Malthus
6511:Quesnay
6414:Marxian
6305:Chicago
6235:history
6230:Schools
6217:Welfare
6187:Service
5978:Applied
5781:Applied
5760:Welfare
5622:Utility
5582:Surplus
5521:Pricing
5433:Duopoly
5426:Perfect
5369:Service
5337:General
5241:Average
5024:2354226
4827:2057134
4684:6672163
4635:6674035
4498:1912605
4389:1914185
4032:1806628
3960:1913738
3770:Utility
3639:schools
3534:Tversky
2911:of its
2879:In one
2785:. When
2606:RRA = 1
2271:, with
2149:, with
1776:. See
460:(0)=0,
355:concave
178:U(E(W))
174:Utility
154:E(U(W))
96:Example
70:finance
6821:Thaler
6801:Ostrom
6796:Becker
6791:Sowell
6771:Baumol
6676:Myrdal
6671:Sraffa
6666:Frisch
6656:Knight
6651:Keynes
6626:Fisher
6621:Veblen
6606:Pareto
6586:Menger
6581:George
6576:Jevons
6571:Walras
6561:Gossen
6485:Thermo
6163:Public
6158:Policy
6113:Labour
6078:Health
5606:Supply
5597:Demand
5533:Profit
5401:Market
5263:Social
5134:941126
5132:
5119:
5064:
5022:
4962:
4887:
4825:
4817:
4752:
4691:
4681:
4642:
4632:
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4551:
4543:
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4339:
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4267:
4259:
4208:
4198:
4170:
4135:
4098:
4075:
4030:
3995:
3958:
3862:
3835:
3808:
3676:. The
2814:using
1521:where
774:where
6907:Lists
6902:Index
6853:Lists
6826:Hoppe
6811:Lucas
6776:Solow
6766:Arrow
6756:Simon
6721:Lange
6716:Hicks
6691:Röpke
6681:Hayek
6631:Pigou
6601:Clark
6516:Smith
6431:Mixed
6390:Post-
6212:Urban
6192:Socio
6182:Rural
5725:Labor
5710:Green
5482:Price
5364:Goods
5354:Firms
5117:S2CID
5097:(PDF)
4960:S2CID
4815:S2CID
4763:(PDF)
4746:(PDF)
4726:(PDF)
4711:(PDF)
4549:S2CID
4541:JSTOR
4494:JSTOR
4447:S2CID
4437:(1).
4385:JSTOR
4337:S2CID
4265:S2CID
4206:JSTOR
4168:S2CID
4133:S2CID
4073:S2CID
4028:JSTOR
3956:JSTOR
2881:model
1059:then
324:up to
170:U(CE)
90:stock
6842:more
6566:Marx
6556:Mill
6541:List
6419:Neo-
6375:Neo-
5639:Wage
5548:Rent
5516:Free
5268:Sunk
5236:Cost
5229:and
5155:help
5130:SSRN
5062:ISBN
5045:help
5020:SSRN
4823:SSRN
4750:ISBN
4689:PMID
4640:PMID
4588:ISSN
4533:ISSN
4486:ISSN
4257:ISSN
4196:ISBN
4096:ISBN
3993:ISBN
3860:ISBN
3833:ISBN
3806:ISBN
3641:and
3592:and
3569:and
3532:and
3521:and
3246:>
3082:and
3068:The
2840:and
2428:The
2256:>
2087:<
2047:>
2007:>
1964:<
1555:and
1154:and
998:and
808:and
683:and
262:(or
238:(or
166:E(W)
86:bank
68:and
6806:Sen
6526:Say
6385:New
6118:Law
5730:Law
5109:doi
5105:180
4994:doi
4952:doi
4922:doi
4895:doi
4854:doi
4807:doi
4679:PMC
4671:doi
4630:PMC
4622:doi
4580:doi
4525:doi
4478:doi
4439:doi
4412:doi
4377:doi
4329:doi
4247:hdl
4237:doi
4160:doi
4125:doi
4063:hdl
4055:doi
3948:doi
3889:doi
3798:doi
3433:000
3347:0.7
3338:000
3332:100
3320:0.3
3258:000
3210:000
3150:0.7
3141:000
3135:100
3126:0.3
2895:In
2883:in
2611:In
2580:log
2125:log
950:so
862:of
677:ARA
564:100
426:100
291:In
190:U(W
182:U(W
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214:–
212:RP
172:–
164:;
156:–
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148:–
146:CE
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2646:=
2643:)
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192:1
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41:.
34:.
20:)
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