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Convexity in the Theory of Choice under Risk

Author

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  • Menahem E. Yaari

Abstract

I. Summary, 278. — II. Introduction, 279. — III. Acceptance sets, 282. — IV. Some experimental evidence, 284. — V. Subjective probabilities, 288.

Suggested Citation

  • Menahem E. Yaari, 1965. "Convexity in the Theory of Choice under Risk," The Quarterly Journal of Economics, Oxford University Press, vol. 79(2), pages 278-290.
  • Handle: RePEc:oup:qjecon:v:79:y:1965:i:2:p:278-290.
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    File URL: http://hdl.handle.net/10.2307/1880632
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    Citations

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    Cited by:

    1. Gregory G. Brunk, 1981. "A Test of the Friedman-Savage Gambling Model," The Quarterly Journal of Economics, Oxford University Press, vol. 96(2), pages 341-348.
    2. Lisa L. Posey & Vickie Bajtelsmit, 2017. "Insurance and Endogenous Bankruptcy Risk: When is it Rational to Choose Gambling, Insurance, and Potential Bankruptcy?," The Geneva Papers on Risk and Insurance Theory, Springer;International Association for the Study of Insurance Economics (The Geneva Association), vol. 42(1), pages 15-40, March.
    3. Jakusch, Sven Thorsten & Meyer, Steffen & Hackethal, Andreas, 2016. "Taming models of prospect theory in the Wild? Estimation of Vlcek and Hens (2011)," SAFE Working Paper Series 146, Research Center SAFE - Sustainable Architecture for Finance in Europe, Goethe University Frankfurt.
    4. Levy, Haim & Levy, Moshe, 2002. "Arrow-Pratt Risk Aversion, Risk Premium and Decision Weights," Journal of Risk and Uncertainty, Springer, vol. 25(3), pages 265-290, November.
    5. Jakusch, Sven Thorsten, 2016. "On the applicability of maximum likelihood methods: From experimental to financial data," SAFE Working Paper Series 148, Research Center SAFE - Sustainable Architecture for Finance in Europe, Goethe University Frankfurt.
    6. repec:eee:eecrev:v:101:y:2018:i:c:p:20-34 is not listed on IDEAS
    7. Vesna Prasnikar, 1993. "Binary Lottery Payoffs: Do They Control Risk Aversion?," Discussion Papers 1059, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    8. Coelho, Philip R. P. & McClure, James E., 1998. "Social context and the utility of wealth: Addressing the Markowitz challenge," Journal of Economic Behavior & Organization, Elsevier, vol. 37(3), pages 305-314, November.
    9. Paul J. Healy & Yaron Azrieli & Christopher P. Chambers, 2016. "Incentives in Experiments: A Theoretical Analysis," Working Papers 16-03, Ohio State University, Department of Economics.
    10. Charles-Cadogan, G., 2016. "Expected utility theory and inner and outer measures of loss aversion," Journal of Mathematical Economics, Elsevier, vol. 63(C), pages 10-20.
    11. Paul J. Healy & Alexander L. Brown, 2016. "Separated Decisions," Working Papers 16-02, Ohio State University, Department of Economics.

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