A Note on Risk Aversion and Preferences
The relationship between Arrow-Pratt measures of risk aversion and the standard income and substitution effects in certainty problems is presented. Particular emphasis is placed on the relationship between curvature properties of indifference maps and properties of relative risk aversion. The results are applied to the demand for insurance and in models with asymmetric information. Copyright 1991 by Oxford University Press.
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Volume (Year): 29 (1991)
Issue (Month): 1 (January)
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