RISK AVERSION IN THE SMALL AND IN THE LARGE

By J. Pratt. 1964

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

Citations in the corpus

Variational Bayesian Reinforcement Learning with Regret Bounds (2018, background): “e form given by C X ( ) = (1 = )log E exp( X ): (1) For < 0 this utility function is risk-averse and has been studied extensively in the literature on safety and risk-averse reinforcement learning [35, 83, 52, 53, 48, 50]. It becomes risk-neutral in the limit of ! 0. In this paper we shall consid”
A Domain-Specific Risk-Taking (DOSPERT) scale for adult populations (2006, unknown): “Risk attitude is the parameter that differentiates between the utility functions of different individuals (e.g., Pratt, 1964) and is intended as nothing more than a descriptive label for the concavity or convexity of the utility function.”
A note on modeling consumer reactions to a crisis: The case of the mad cow disease (2002, unknown): “The notable work of Arrow (1971) and Pratt (1964) provides further insights into the relationships between risk perceptions and risk attitudes, and risk behavior.”
Decision Under Risk (2008, unknown): “Expected utility had been applied with great success to many important areas of economics, such as game theory and information economics (e.g., Pratt, 1964; Rothschild & Stiglitz, 1970).”
Risk intermediation in supply chains (2000, unknown): “In this framework,thèìocal'' aversion to risk determines the relative preference of a decision maker between two gambles, see for example Pratt (1964).”
Consistency of Higher Order Risk Preferences (2012, unknown): “…paper, we will write [x, y] to denote a lottery with a 50-50 chance of receiving either outcome x or outcome y. 2 A look at the seminal papers by Pratt (1964) and Arrow (1965), for example, show typical detailed analyses of risk-averse behaviors, but no regard for how the many theorems and…”
Measuring Individual Risk Attitudes in the Lab: Task or Ask? An Empirical Comparison (2015, unknown): “Risk-aversion has long since been a standard ingredient of economic theory (seminal works being Arrow, 1965, and Pratt, 1964).”
Estimating risk aversion from ascending and sealed-bid auctions: the case of timber auction data (2008, unknown): “4 As usual, this differential equation is subject to a singularity problem at the lower bound. As shown by Maskin and Riley (1984), the boundary condition is U(y.”
Utility indifference pricing : an overview (2009, unknown): “1 Hara Utilities A useful quantity for the discussion of utilities is the coefficient of absolute risk aversion (due to Arrow [1] and Pratt [74]), given by Ra(x) = − U ′′(x) U ′(x) .”
Economic and Financial Decisions under Risk (2005, background): “Subsequent sections are more " modern " and they represent an intuitive introduction to the central contribution to our field, that of Pratt (1964).”