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) utility functions. We illustrate the consequences of this...

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) utility functions. We illustrate the consequences of this...

We present clean experimental evidence that a methodological confound was introduced by Andreoni and Miller (2002) that leads to diametrically opposed conclusions regarding comparisons of preferences between categories of fellow human beings distinguished by gender or age. Our study is a warning...