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On the Precautionary Motive for Savings and Prudence, in an EU and a Neu Framework
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On the Precautionary Motive for Savings and Prudence, in an EU and a Neu Framework (2005)On the Precautionary Motive for Savings a…Comonotonicity axioms and rank-dependent expected utility theory for arbitrary consequences (1999)Comonotonicity axioms and ran…Separating marginal utility and probabilistic risk aversion (1994)Separating marginal utility a…Risk seeking with diminishing marginal utility in a non-expected utility model (1994)Risk seeking with diminishing…Saving Under Uncertainty: A Bivariate Non-Expected Utility Approach (1992)Saving Under Uncertainty: A B…Comparative statics for rank-dependent expected utility theory (1991)Comparative statics for rank-…Precautionary Saving in the Small and in the Large (1990)Precautionary Saving in the S…First order versus second order risk aversion (1990)First order versus second ord…The General Theory of Random Choices in Relation to the Invariant Cardinal Utility Function and the Specific Probability Function. The (U, θ) Model A General Overview (1988)The General Theory of Random …The Dual Theory of Choice under Risk (1987)The Dual Theory of Choice und…Risk aversion in the theory of expected utility with rank dependent probabilities (1987)Risk aversion in the theory o…A theory of anticipated utility (1982)A theory of anticipated utili…Essays in the Theory of Risk-Bearing. (1972)Essays in the Theory of Risk-…Consumption decisions under uncertainty (1972)Consumption decisions under u…The Effect of Uncertainty on Saving Decisions (1970)The Effect of Uncertainty on …Saving and Uncertainty: The Precautionary Demand for Saving (1968)Saving and Uncertainty: The P…Risk Aversion in the Small and in the Large (1964)Risk Aversion in the Small an…Risk Aversion in the Small and in the Large (1976)An axiomatization of cumulative prospect theory (1993)Risk Aversion in the Laboratory (2008)Theory of Value (1959)THE EQUITY PREMIUM PUZZLE AND THE RISK-FREE RATE PUZZLE (1988)The Equity Premium Puzzle and the Riskfree Rate Puzzle (1989)DO NATURAL DISASTERS PROMOTE LONG‐RUN GROWTH? (2002)Theory of games and economic behavior (2019)Prospect Theory: An Analysis of Decision under Risk (1979)Prospect theory: An analysis of decision under risk (1988)RATIONAL CHOICE AND THE FRAMING OF DECISIONS (1988)Advances in prospect theory: Cumulative representation of uncertainty (1992)Individual differences in reasoning: Implications for the rationality debate? (2000)Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework (1989)Subjective probability and expected utility without additivity (2004)Understanding Consumption (1992)Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis (1997)Conditional Skewness in Asset Pricing Tests (2000)Macroeconomic determinants of growth: Cross-country evidence (1985)An empirical analysis of cross-national economic growth, 1951–1980 (1989)The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence (1992)Moral Hazard and Observability (1979)The New Institutional Economics: Taking Stock, Looking Ahead (2000)Mental Accounting, Loss Aversion, and Individual Stock Returns (2001)Optimal Portfolio Choice under Loss Aversion (2004)WHAT MOTIVATES TAX COMPLIANCE? (2018)Precautionary Saving in the Small and in the Large (1989)On the measurement of inequality (1970)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The arbitrage theory of capital asset pricing (1976)
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References

  • 1964Risk Aversion in the Small and in the Large4,964 cited
  • 1972Essays in the Theory of Risk-Bearing.3,991 cited
  • 1982A theory of anticipated utility3,136 cited
  • 1987The Dual Theory of Choice under Risk2,426 cited
  • 1990Precautionary Saving in the Small and in the Large1,850 cited
  • 1968Saving and Uncertainty: The Precautionary Demand for Saving1,376 cited
  • 1970The Effect of Uncertainty on Saving Decisions923 cited
  • 1972Consumption decisions under uncertainty583 cited
  • 1987Risk aversion in the theory of expected utility with rank dependent probabilities430 cited
  • 1990First order versus second order risk aversion401 cited
  • 1994Separating marginal utility and probabilistic risk aversion315 cited
  • 1994Risk seeking with diminishing marginal utility in a non-expected utility model160 cited
  • 1991Comparative statics for rank-dependent expected utility theory155 cited
  • 1988The General Theory of Random Choices in Relation to the Invariant Cardinal Utility Function and the Specific Probability Function. The (U, θ) Model A General Overview143 cited
  • 1999Comonotonicity axioms and rank-dependent expected utility theory for arbitrary consequences

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66 cited
  • 1992Saving Under Uncertainty: A Bivariate Non-Expected Utility Approach4 cited
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