Small- and large-stakes risk aversion: Implications of concavity calibration for decision theory

DOI10.1016/j.geb.2005.08.001zbMath1151.91408MaRDI QIDQ2466859

James C. Cox, Vjollca Sadiraj

Publication date: 16 January 2008

Published in: Games and Economic Behavior (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/j.geb.2005.08.001

zbMATH Keywords

expected utility theory; prospect theory; risk aversion; concavity calibration

Mathematics Subject Classification ID

91B06: Decision theory

91B08: Individual preferences

Related Items

Is there a plausible theory for decision under risk? A dual calibration critique, Recall searching with and without recall, On the coefficient of variation as a criterion for decision under risk, Risk aversion and expected utility of consumption over time, A parametric analysis of prospect theory's functionals for the general population, Elicitation using multiple price list formats, Risk aversion in the small and in the large: Calibration results for betweenness functionals, Expected utility theory and prospect theory: One wedding and a decent funeral, Risk aversion and expected-utility theory: a calibration exercise, Subjective beliefs about the income distribution and preferences for redistribution

Cites Work

• Unnamed Item
• Unnamed Item
• Unnamed Item
• Auction market theory of heterogeneous bidders
• Selling to risk averse buyers with unobservable tastes
• Advances in prospect theory: cumulative representation of uncertainty
• Rejecting small gambles under expected utility
• Allocation Mechanisms and the Design of Auctions
• Optimal Auctions with Risk Averse Buyers
• Global Incentive Constraints in Auction Design
• A Theory of Auctions and Competitive Bidding
• Prospect Theory: An Analysis of Decision under Risk
• The Dual Theory of Choice under Risk
• Risk Aversion in the Small and in the Large