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).
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|Date of creation:||1998|
|Date of revision:|
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