Background Risk and Small-Stakes Risk Aversion
arxiv(2020)
摘要
We show that under plausible levels of background risk, no theory of choice under risk---such as expected utility theory, prospect theory, or rank dependent utility---can simultaneously satisfy the following three economic postulates: (i) Decision makers are risk-averse over small gambles, (ii) they respect stochastic dominance, and (iii) they account for background risk.
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关键词
background risk,small-stakes
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