The classical expected utility model of decision under risk (von Neumann-Morgenstern, 1944) has been criticized from an … could dislike risk (prefer to any lottery its expectation) without necessarily avoiding any increase in risk ; diminishing … marginal utility may coexists with "weak" risk seeking attitudes ; decision makers with the same utility function may differ in …

This article analyses the impact of oil price on bond risk premiums issued by emerging economies. No empirical study … has yet focussed on the effects of the oil price on government bond risk premiums. We develop a model of credit spread … on each country. Then we use a panel analysis to determine the global impact of oil prices on the risk perceptions of …

(rep. doubt) and risk-tolerance. We analyse the equilibrium characteristics. Under reasonable assumptions, the consensus … belief is pessimistic and, as a consequence, the risk premium is higher than in a standard setting. …

. In this article, we show that this sufficient condition, namely decreasing absolute risk aversion (DARA) is in fact …

euro area. We fo cus on the role of cyclic al behaviour of public spending and sovereign risk premium. Pro-cyclical primary …

risk premium of a random prospect is the sum of two premiums : a concavity premium that is nothing but the usual Arrow …

"subjective" risk for "objective" risk à la Rothschild and Stiglitz (1970). A weakened independence axiom may them be set over … opposite to a convex measure of risk (Föllmer and Schied 2002). It may be viewed as a theoretical justification for choosing … this measure of risk. …

Although it is endowed with many interesting properties, the theory of decision-making under risk by Loomes and Sugden … are risk averse or risk prone, (b) risk is defined in a consistent way with risk aversion, (c) the functional is but the … opposite to a convex measure of risk (Föllmer ans Schied [2002]) when constant marginal utility is assumed and (d) violations …