Institutions can affect individual behavior both via their efficiency impact and via their risk reducing mechanisms … simultaneously extant institutions. This paper presents a simple model of institutional choice in a labor market when there is a risk …-sectional survey data from China, we find that risk and risk aversion are strongly related to the choice of a labor market institution …

Risk exposure can be efficiently optimized in practical situations, using a new apporach to identification of investor …'s risk aversion. …

prediction market with risk neutral traders. He finds that there can be a substantial difference between the mean belief that an … demonstrating that both risk aversion and the distribution of traders’ beliefs significantly affect the equilibrium price. For … coeffcients of relative risk aversion near those estimated in empirical studies and for plausible belief distributions, the …

The paper explores the impacts of heterogeneity in degree of relative risk aversion on the balance on current account … heterogeneity in degree of relative risk aversion generates persisting current account deficits. The deficit continues permanently …, but its ratio to output stabilizes. With evidence that the degree of relative risk aversion in Japan is relatively higher …

at least 25% greater than it is in the case when discounting is neglected. Moreover when accouting for risk aversion …

This article reports the results of a market experiment designed to test the predictions of the constant relative risk … information feedback, the data support the risk neutral Nash equilibrium prediction; with price information feedback, on the other … hand, subjects overbid the risk neutral Nash equilibrium significantly. The constant relative risk aversion model is …

This paper develops a utility model for evaluating lotteries. In estimating utility, risk averse people use an … researchers to directly specify their attitudes toward risk. …

This paper develops a utility model for evaluating lotteries. In estimating utility, risk averse people use an … model allows researchers to directly specify their attitudes toward risk. The model is advantageous for two reasons. First …