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Intertemporal risk aversion – or – wouldn’t it be nice to tell whether Robinson Crusoe is risk averse?

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Author Info

  • Traeger, Christian P.

    ()
    (University of California, Berkeley. Dept of agricultural and resource economics)

Abstract

The paper introduces a new notion of risk aversion that is independent of the good under observation and its measure scale. The representational framework builds on a time consistent combination of additive separability on certain consumption paths and the von Neumann & Morgenstern (1944) assumptions. In the one-commodity special case, the new notion of risk aversion closely relates to a disentanglement of standard risk aversion and intertemporal substitutability.

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Bibliographic Info

Paper provided by University of California at Berkeley, Department of Agricultural and Resource Economics and Policy in its series CUDARE Working Paper Series with number 1102.

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Length: 53 pages
Date of creation: May 2010
Date of revision:
Handle: RePEc:are:cudare:1102

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Related research

Keywords: uncertainty; expected utility; recursive utility; risk aversion; intertemporal substitutability; certainty additivity; temporal lotteries; gauge-freedom; intertemporal risk aversion;

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Citations

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Cited by:
  1. Traeger, Christian, 2013. "A 4-stated DICE: quantitatively addressing uncertainty effects in climate change," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series, Department of Agricultural & Resource Economics, UC Berkeley qt9034k05t, Department of Agricultural & Resource Economics, UC Berkeley.
  2. Traeger, Christian P, 2008. "Why uncertainty matters - discounting under intertemporal risk aversion and ambiguity," CUDARE Working Paper Series 1092R2, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy, revised Jan 2012.
  3. Crost, Benjamin & Traeger, Christian P., 2010. "Risk and aversion in the integrated assessment of climate change," CUDARE Working Paper Series 1104R, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy, revised Jul 2011.
  4. Traeger, Christian, 2012. "A 4-stated DICE: quantitatively addressing uncertainty effects in climate change," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series, Department of Agricultural & Resource Economics, UC Berkeley qt6jx2p7fv, Department of Agricultural & Resource Economics, UC Berkeley.
  5. Christian Traeger, 2012. "Once Upon a Time Preference - How Rationality and Risk Aversion Change the Rationale for Discounting," CESifo Working Paper Series 3793, CESifo Group Munich.

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