risk and typically need to assume stability of these characteristics over time and across decision domains. We test the … reliability of two choice tasks for eliciting discount rates, risk aversion, and probability weighting and assess the stability of … largely uncorrelated with decisions in other important life domains involving intertemporal trade-offs and risk. …

risk and typically need to assume stability of these characteristics over time and across decision domains. We test the … reliability of two choice tasks for eliciting discount rates, risk aversion, and probability weighting and assess the stability of … largely uncorrelated with decisions in other important life domains involving intertemporal trade-offs and risk …

risk and typically need to assume stability of these characteristics over time and across decision domains. We test the … reliability of two choice tasks for eliciting discount rates, risk aversion, and probability weighting and assess the stability of … largely uncorrelated with decisions in other important life domains involving intertemporal trade-offs and risk …

Measuring risk aversion is sensitive to assumptions about the wealth in subjects' utility functions. Data from the same … simultaneously with risk aversion. This paper first shows how wealth estimates can be identified assuming constant relative risk … aversion (CRRA). Using the data from a recent experiment by Holt and Laury (2002), it is shown that most subjects' behavior is …

Loss aversion has been shown to be an important driver of people’s investment decisions. Encouraged by regulators …, financial institutions are in search of ways to incorporate clients’ loss aversion in their risk classifications. The most … risk-profiling application of an established financial institution. In total, we elicit loss aversion for 1,040 employees …

riskiness to continuous random variables. For many continuous random variables, the risk measure is equal to the worst-case risk … measure, i.e. the maximal possible loss incurred by that gamble. We also extend the Foster-Hart risk measure to dynamic …

households and lower investment by firms, and hence leads to lower aggregate investment and growth. This paper argues that … although risk can be measured, uncertainty cannot be measured. Even though risk can be measured, a simple symmetric measure … attempt at "measuring" risk or (fundamental) uncertainty is flawed. …

This paper uses non-parametric methods to study the efficiency (Dybvig, 1988 and Post, 2003) and risk-profiles (Varian …, 1988) of dynamic portfolio choices. We design an experiment which varies the number of states (complexity), and includes an …. Further, our results suggest that a representative agent exhibits decreasing absolute risk aversion and constant relative risk …

We empirically compare the consistency among several measures of risk-taking and patience by evaluating how these … choice elicitation methods for financial decisions. Our results continue to hold in an incentivized laboratory experiment. We …