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Willingness to pay, the risk premium and risk aversion
5 references·12 citing·38 second hop
Willingness to pay, the risk premium and risk aversion (1997)Willingness to pay, the risk premium and …Paying to improve your chances: Gambling or insurance? (1991)Paying to improve your chance…Self-insurance, self-protection and increased risk aversion (1985)Self-insurance, self-protecti…Risk Aversion in the Small and in the Large (1976)Risk Aversion in the Small an…The Value of Changes in the Probability of Death or Injury (1974)The Value of Changes in the P…Risk Aversion in the Small and in the Large (1964)Risk Aversion in the Small an…Prevention and Precaution (2025)Prevention and PrecautionClimate change adaptation costs in developing countries: insights from existing estimates (2020)Climate change adaptation cos…Certainty Equivalent: Many Meanings of a Mean (2015)Certainty Equivalent: Many Me…DISTORTION RISK MEASURES, AMBIGUITY AVERSION AND OPTIMAL EFFORT (2014)DISTORTION RISK MEASURES, AMB…On the willingness to pay to reduce risks of small losses (2008)On the willingness to pay to …Willingness to Pay for Risk Reduction and Risk Aversion without the Expected Utility Assumption (2005)Willingness to Pay for Risk R…Health and Wealth: How do They Affect Individual Preferences?* (2004)Health and Wealth: How do The…HB ^16 ^eneva PaPers on Risk and Insurance Theory, 29: 43-54, 2004 (2004)HB ^16 ^eneva PaPers on Risk …A paradoxical risk aversion effect on the consumers' demand for quality (2004)A paradoxical risk aversion e…Comparative Mixed Risk Aversion: Definition and Application to Self-Protection and Willingness to Pay (2003)Comparative Mixed Risk Aversi…A note on indifference curves in the ( $\mu,\sigma$ )-space (2000)A note on indifference curves…Proper Risk Behavior (1999)Proper Risk BehaviorThe Utility Analysis of Choices Involving Risk (1948)Aspects of the Theory of Risk-Bearing. (1966)Evaluation of Life and Limb: A Theoretical Approach (1971)Valuing Mortality-Risk Reduction: Using Visual Aids to Improve the Validity of Contingent Valuation (2001)The Income Elasticity of the Value per Statistical Life: Transferring Estimates between High and Low Income Populations (2011)The Willingness to Pay for a Quality Adjusted Life Year: A Review of the Empirical Literature (2014)Utility Functions that Depend on Health Status: Estimates and Economic Implications (1990)Effects of Health and Longevity on Financial Risk Tolerance (2009)Admissible utility functions for health, longevity, and wealth: integrating monetary and life-year measures (2013)Precautionary saving under many risks (2013)1. On the Concept of Health Capital and the Demand for Health (2017)Some Stronger Measures of Risk Aversion in the Small and the Large with Applications (1981)Risk Aversion and the Propensities for Self-Insurance and Self-Protection (1990)Multiple Dimensions of Private Information: Evidence from the Long-Term Care Insurance Market (2006)Risk Management: History, Definition, and Critique (2013)Market Insurance, Self-Insurance, and Self-Protection (1972)Conflict and Attitudes Toward Risk (1991)Market Insurance, Self-Insurance, and Self-Protection (1992)Risk Aversion in Rent-Seeking and Rent-Augmenting Games (1997)UNCERTAINTY AND THE WELFARE ECONOMICS OF MEDICAL CARE (2003)Collective Risk Control and Group Security: The Unexpected Consequences of Differential Risk Aversion (2007)Risk, Ambiguity, and the Savage Axioms (1961)The Dual Theory of Choice under Risk (1987)Coherent Measures of Risk (1999)The Economics of Climate Change (2007)The roads ahead: Narratives for shared socioeconomic pathways describing world futures in the 21st century (2015)Twenty-year tango: Exploring the reciprocal influence of macro-financial instability and climate risks (2024)Risk Aversion in Quiggin and Yaari's Rank-Order Model of Choice Under Uncertainty (1987)Choosing Between Risky Prospects: The Characterization of Comparative Statics Results, and Location Independent Risk (1989)Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine (1953)Mean-preserving capacities: A tractable class of Choquet capacities (2025)Disentangling risk and time for optimal prevention (2026)Financial Intermediation and Delegated Monitoring (1984)Prospect theory: An analysis of decision under risk (1988)Well-being : the foundations of hedonic psychology (1999)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
  • 1976Risk Aversion in the Small and in the Large4,655 cited
  • 1974The Value of Changes in the Probability of Death or Injury338 cited
  • 1985Self-insurance, self-protection and increased risk aversion335 cited
  • 1991Paying to improve your chances: Gambling or insurance?48 cited

Cited by

  • 2020Climate change adaptation costs in developing countries: insights from existing estimates63 cited
  • 2004Health and Wealth: How do They Affect Individual Preferences?*39 cited
  • 2014DISTORTION RISK MEASURES, AMBIGUITY AVERSION AND OPTIMAL EFFORT11 cited
  • 2005Willingness to Pay for Risk Reduction and Risk Aversion without the Expected Utility Assumption11 cited
  • 2025Prevention and Precaution8 cited
  • 2008On the willingness to pay to reduce risks of small losses6 cited
  • 2000A note on indifference curves in the ( $\mu,\sigma$ )-space4 cited
  • 1999Proper Risk Behavior4 cited
  • 2003Comparative Mixed Risk Aversion: Definition and Application to Self-Protection and Willingness to Pay3 cited
  • 2004A paradoxical risk aversion effect on the consumers' demand for quality

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2 cited
  • 2015Certainty Equivalent: Many Meanings of a Mean2 cited
  • 2004HB ^16 ^eneva PaPers on Risk and Insurance Theory, 29: 43-54, 20040 cited