Calibration Results for Non-Expected Utility Theories
AbstractRabin (2000) proved that a low level of risk aversion with respect to small gambles leads to a high, and absurd, level of risk aversion with respect to large gambles. Rabin's arguments strongly depend on expected utility theory, but we show that similar arguments apply to general non-expected utility theories. Copyright 2008 The Econometric Society.
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Bibliographic InfoArticle provided by Econometric Society in its journal Econometrica.
Volume (Year): 76 (2008)
Issue (Month): 5 (09)
Other versions of this item:
- Zvi Safra & Uzi Segal, 2008. "Calibration Results for Non-Expected Utility Theories," Boston College Working Papers in Economics 682, Boston College Department of Economics.
- Zvi Safra & Uzi Segal, 2006. "Calibration Results for Non-Expected Utility Theories," Boston College Working Papers in Economics 645, Boston College Department of Economics.
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