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Calibration Results for Non-Expected Utility Theories

Author

Listed:
  • Zvi Safra

    (Tel Aviv University)

  • Uzi Segal

    (Boston College)

Abstract

Rabin 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.

Suggested Citation

  • Zvi Safra & Uzi Segal, 2008. "Calibration Results for Non-Expected Utility Theories," Boston College Working Papers in Economics 682, Boston College Department of Economics.
    • Handle: RePEc:boc:bocoec:682
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