common knowledge, except that bidders have private degrees of aversion to downside-risk. In this model, the optimal FPA … risk or risk aversion generally leads to lower equilibrium bids. …

differences in risk premia. We deduct testable hypotheses on the basis of which we empirically analyze the impact of uncertainty …

We show that if an agent is uncertain about the precise form of his utility function, his actual relative risk aversion … may depend on wealth even if he knows his utility function lies in the class of constant relative risk aversion (CRRA … their risk aversion parameter invest less in risky assets than wealthy investors with identical risk aversion uncertainty. …

role of learning and risk aversion. It bridges two strands of literature: one focused on the role learning for the success … of IEA formation when countries are risk neutral and another that explores the implications of uncertainty and risk … aversion on IEA formation under no learning. Combining learning and risk aversion seems appropriate as the uncertainties …