Willingness to pay for stochastic improvements of future risk under different risk aversion

DOI10.1016/J.ECONLET.2018.04.005MaRDI QIDQ1787604zbMATH OpenOpenAlexWikidataFDO

Authors Jian-Li Wang, Yick Ho Yin, Hongxia Wang

Publication date 5 October 2018

Published in Economics Letters (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/j.econlet.2018.04.005

zbMATH Keywords

stochastic dominanceself-protectionsavingRoss risk aversion

Mathematics Subject Classification ID

Decision theory (91B06)

Recommendations

• Risk attitudes and the value of risk transformations
• Willingness to pay for risk reduction and risk aversion without the expected utility assumption
• Precautionary paying for stochastic improvements under background risks
• Risk Aversion and the Choice Between Risky Prospects: The Preservation of Comparative Statics Results
• Restricted increases in risk aversion and their application

Cites work

• Choosing Between Risky Prospects: The Characterization of Comparative Statics Results, and Location Independent Risk
• Comparative higher-degree Ross risk aversion
• Higher-order generalizations of Arrow-Pratt and Ross risk aversion: a comparative statics approach
• Optimal prevention and prudence in a two-period model
• Precautionary paying for stochastic improvements under background risks
• Precautionary saving in the large: \(n\)th degree deteriorations in future income
• Restricted increases in risk aversion and their application
• Some Stronger Measures of Risk Aversion in the Small and the Large with Applications
• Substituting one risk increase for another: a method for measuring risk aversion
• The economics of risk and time

Cited in

(6)

• Risk attitudes and the value of risk transformations
• Intertemporal investment decisions on precautionary effort based on characterization of restricted Ross more risk aversion
• Investment decision-making on precautionary effort conditional on random income
• How do changes in risk and risk aversion affect self-protection with Selden/Kreps-Porteus preferences?
• Willingness to pay for risk reduction and risk aversion without the expected utility assumption
• Precautionary paying for stochastic improvements under background risks

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