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Persistent link: https://www.econbiz.de/10010209122
We use data on households' deductible choices in auto and home insurance to estimate a structural model of risky choice that incorporates standard risk aversion (concave utility over final wealth), loss aversion, and nonlinear probability weighting. Our estimates indicate that nonlinear...
Persistent link: https://www.econbiz.de/10010292086
We use data on insurance deductible choices to estimate a structural model of risky choice that incorporates standard risk aversion (diminishing marginal utility for wealth) and probability distortions. We find that probability distortions - characterized by substantial overweighting of small...
Persistent link: https://www.econbiz.de/10010288237
Persistent link: https://www.econbiz.de/10003586378
We use data on households' deductible choices in auto and home insurance to estimate a structural model of risky choice that incorporates "standard" risk aversion (concave utility over final wealth), loss aversion, and nonlinear probability weighting. Our estimates indicate that nonlinear...
Persistent link: https://www.econbiz.de/10009240654
We use data on insurance deductible choices to estimate a structural model of risky choice that incorporates "standard" risk aversion (diminishing marginal utility for wealth) and probability distortions. We find that probability distortions - characterized by substantial overweighting of small...
Persistent link: https://www.econbiz.de/10009621724
Persistent link: https://www.econbiz.de/10010247768
We survey the literature on estimating risk preferences using field data. We concentrate our attention on studies in which risk preferences are the focal object and estimating their structure is the core enterprise. We review a number of models of risk preferences — including both expected...
Persistent link: https://www.econbiz.de/10012935670
We use data on insurance deductible choices to estimate a structural model of risky choice that incorporates 'standard' risk aversion (diminishing marginal utility for wealth) and probability distortions. We find that probability distortions - characterized by substantial overweighting of small...
Persistent link: https://www.econbiz.de/10013315858
Persistent link: https://www.econbiz.de/10011610640