specification includes two parameters: one for ambiguity attitudes and another for risk attitudes. We also estimate a three …

Although risk aversion has been used in economic models for over 275 years, the past few decades have shown how higher … order risk attitudes are also quite important. A behavioral approach to defining such risk attitudes was developed by … Eeckhoudt and Schlesinger (2006), based upon simple lottery preference. This article show how the mathematics of lattice theory …

We study Aumann and Serrano's (2008) risk index for sums of gambles that are not dependent. If the dependent parts are … similarly ordered, then the risk index of the sum is always larger than the minimum of the risk indices of the two gambles. For … negative dependence, the risk index of the sum is always smaller than the maximum. The above results agree with our intuitions …

How should a decision-maker allocate R&D funds when a group of experts provides divergent estimates on a technology …'s potential effectiveness? To address this question, we propose a simple decision-theoretic framework that takes into account … ambiguity over the aggregation of expert opinion and a decision-maker's attitude towards it. In line with the paper's focus on R …

-choice tasks for elicitation of risk attitudes. First, I compare the investment task of Gneezy and Potters (1997) with the standard …

's composite preferences for risk tolerance, ambiguity aversion and optimism. Investors rationalize (IR)rational expected utilities …

A risky choice experiment is based on one-dimensional choice variables and risk neutrality induced via binary lottery …

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 …