Risk Aversion, Wealth and Background Risk

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Chapter 21 - Household Finance: An Emerging Field∗ (2013, positive): “Guiso and Paiella (2008) use the Italian Survey of Households Income and Wealth (SHIW)—a large scale household finance survey run by the Bank of Italy—to estimate the relationship between relative risk aversion γi and wealth Wi implied by (3.2): Using instrumental variables to account for potential…”
Matching Firms, Managers, and Incentives (2015, neutral): “Matching Firms, Managers, and Incentives 647 risk preference parameters and characterize their heterogeneity by using large-scale surveys ðe.g., Barsky et al. 1997; Dohmen et al. 2006; Guiso and Paiella 2008Þ.”
Expected utility or prospect theory maximisers? Assessing farmers' risk behaviour from field-experiment data (2014, result): “It conflicts with some empirical and theoretical studies that demonstrate the positive impact of liquidity constraints on risk aversion due to a shortening of decisionmakers’ time horizon and a reduction of their ability to smooth consumption over time (Gollier, 2001; Guiso and Paiella, 2008).”
On efficiency of mean–variance based portfolio selection in defined contribution pension schemes (2014, background): “Among these, Hakansson (1971), Grauer (1981) and Grauer and Hakansson (1993) find empirical inefficiency of optimal portfolios derived with the power and the logarithmic utility functions.”