Call b your balance function at wealth W if you are indifferent between W and a 50–50 lottery with outcomes x and b(x). Given one b, u is arbitrary on one side of W but then determined on the other. Given two b‘s, u is arbitrary between the two W′ s but then determined elsewhere....

Links between higher education and industry are of vital economic importance. These links provide the environment for innovation and technology transfer and are crucial for sustaining competitiveness, reinventing organisations, creating new businesses, fighting unemployment, and accelerating...

Will a more risk-averse individual spend more or less to improve probabilities, say on marketing efforts that enhance the chance of a sale? For any two payoffs and starting probabilities, the answer is unfortunately indeterminate. However, interpreting gambling as increasing small chances of...