Explaining the characteristics of the power (CRRA) utility family

The power family, also known as the family of constant relative risk aversion (CRRA), is the most widely used parametric family for fitting utility functions to data. Its characteristics have, however, been little understood, and have led to numerous misunderstandings. This paper explains these characteristics in a manner accessible to a wide audience. Copyright © 2008 John Wiley & Sons, Ltd.

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Year of publication:	2008
Authors:	Wakker, Peter P.
Published in:	Health Economics. - John Wiley & Sons, Ltd., ISSN 1057-9230. - Vol. 17.2008, 12, p. 1329-1344
Publisher:	John Wiley & Sons, Ltd.

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005200102