Should More Risk-Averse Agents Exert More Effort
Consider an agent facing a risky distribution of losses who can change this distribution by exerting some effort. Should be exert more effort when he becomes more risk-averse? For instance, should we expect more risk-averse drivers to drive more cautiously? In this paper, we give sufficient conditions under which the answer is positive, using results presented in Jewitt (1989).
(This abstract was borrowed from another version of this item.)
|Date of creation:||1998|
|Date of revision:|
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