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Comparative risk aversion of different preferences

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  • Richard Ruble

    ()
    (EMLYON Business School, Ecully, F-69134, France)

Abstract

An article about Kihlstrom and Mirman about comparative risk aversion with many goods is critiqued. If "more risk averse" is interpreted as signifying that an individual is less willing to accept a median-preserving spread, then risk aversion cannot be compared across individuals with different preferences. If it is interpreted as signifying that an individual has a greater directional risk premium, then risk aversion may be compared across individuals with different preferences, in particular in partial equilibrium analysis.

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Bibliographic Info

Paper provided by Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure in its series Working Papers with number 1119.

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Date of creation: 2011
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Handle: RePEc:gat:wpaper:1119

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Keywords: risk aversion; risk premium;

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