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On the utility premium of Friedman and Savage
15 references·16 citing·31 second hop
On the utility premium of Friedman and Savage (2009)On the utility premium of Friedman and Sa…Changes in risk and the demand for saving (2008)Changes in risk and the deman…Putting Risk in Its Proper Place (2006)Putting Risk in Its Proper Pl…The Economics of Risk and Time (2001)The Economics of Risk and TimeA Standard Measure of Risk and Risk-Value Models (1996)A Standard Measure of Risk an…The value of risks to life and health (1993)The value of risks to life an…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…Precautionary Saving in the Small and in the Large (1989)Precautionary Saving in the S…The Value of Life: An Economic Analysis. (1978)The Value of Life: An Economi…Risk Aversion in the Small and in the Large (1976)Risk Aversion in the Small an…Increasing risk II: Its economic consequences (1971)Increasing risk II: Its econo…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…The Utility Analysis of Choices Involving Risk (1948)The Utility Analysis of Choic…Comparative risk apportionment (2021)Comparative risk apportionmentShould We Do More When We Know Less?: Optimal Risk Reduction Under Technological Uncertainty (2018)Should We Do More When We Kno…On the properties of high-order non-monetary measures for risks (2018)On the properties of high-ord…Comparative higher-order risk aversion and higher-order prudence (2018)Comparative higher-order risk…Optimal choice of prevention and cure under uncertainty on disease effect and cure effectiveness (2017)Optimal choice of prevention …On the Properties of Non-Monetary Measures for Risks (2017)On the Properties of Non-Mone…Health and portfolio choices: A diffidence approach (2016)Health and portfolio choices:…The utility premium of Friedman and Savage, comparative risk aversion, and comparative prudence (2015)The utility premium of Friedm…The probability premium: A graphical representation (2015)The probability premium: A gr…The monetary utility premium and interpersonal comparisons (2014)The monetary utility premium …Precautionary saving in the large: n th degree deteriorations in future income (2013)Precautionary saving in the l…Normalized measures of concavity and Ross’s strongly more risk averse order (2013)Normalized measures of concav…Higher-Order Risk Attitudes (2013)Higher-Order Risk AttitudesBeyond Risk Aversion: Why, How and What's Next? (2012)Beyond Risk Aversion: Why, Ho…A Note on Greater Downside Risk Aversion (2011)A Note on Greater Downside Ri…Prudence probability premium (2010)Prudence probability premiumEssays in the Theory of Risk-Bearing. (1972)Strategic Asset Allocation (2002)Idiosyncratic Risk Matters! (2003)Eliciting Risk and Time Preferences (2008)Theory of games and economic behavior (2019)Price Indexes and Quality Change (1971)Adaptive Responses to Chemical Labeling: Are Workers Bayesian Decision Makers? (1984)Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products (1987)The Monetary Value of Saving a High-Risk Youth (1998)The Value of a Statistical Life: A Critical Review of Market Estimates Throughout the World (2002)Assessing cost-effectiveness in healthcare: history of the $50,000 per QALY threshold (2008)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)Optimal rules for ordering uncertain prospects (1975)Net Health Benefits (1998)Stochastic Volatility for Lévy Processes (2003)Toward a positive theory of consumer choice (1980)Prospect theory: An analysis of decision under risk (1988)Risk as feelings. (2001)DO NATURAL DISASTERS PROMOTE LONG‐RUN GROWTH? (2002)Financial Intermediation and Delegated Monitoring (1984)Well-being : the foundations of hedonic psychology (1999)Uninsured Idiosyncratic Risk and Aggregate Saving (1994)The analysis of household surveys (1997)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)
this work references cited by second hop

References

  • 1964Risk Aversion in the Small and in the Large4,964 cited
  • 1976Risk Aversion in the Small and in the Large4,655 cited
  • 1948The Utility Analysis of Choices Involving Risk3,097 cited
  • 1990Precautionary Saving in the Small and in the Large1,850 cited
  • 1989Precautionary Saving in the Small and in the Large1,498 cited
  • 1968Saving and Uncertainty: The Precautionary Demand for Saving1,376 cited
  • 2001The Economics of Risk and Time1,361 cited
  • 1993The value of risks to life and health1,119 cited
  • 1971Increasing risk II: Its economic consequences1,082 cited
  • 1970The Effect of Uncertainty on Saving Decisions923 cited
  • 2006Putting Risk in Its Proper Place551 cited
  • 1990First order versus second order risk aversion401 cited
  • 1978The Value of Life: An Economic Analysis.369 cited
  • 2008Changes in risk and the demand for saving196 cited
  • 1996A Standard Measure of Risk and Risk-Value Models139 cited

Cited by

  • 2012Beyond Risk Aversion: Why, How and What's Next?33 cited

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  • 2013Higher-Order Risk Attitudes31 cited
  • 2016Health and portfolio choices: A diffidence approach22 cited
  • 2013Precautionary saving in the large: n th degree deteriorations in future income20 cited
  • 2010Prudence probability premium15 cited
  • 2017Optimal choice of prevention and cure under uncertainty on disease effect and cure effectiveness15 cited
  • 2018On the properties of high-order non-monetary measures for risks10 cited
  • 2014The monetary utility premium and interpersonal comparisons10 cited
  • 2013Normalized measures of concavity and Ross’s strongly more risk averse order9 cited
  • 2015The utility premium of Friedman and Savage, comparative risk aversion, and comparative prudence5 cited
  • 2018Comparative higher-order risk aversion and higher-order prudence4 cited
  • 2015The probability premium: A graphical representation3 cited
  • 2021Comparative risk apportionment3 cited
  • 2011A Note on Greater Downside Risk Aversion3 cited
  • 2018Should We Do More When We Know Less?: Optimal Risk Reduction Under Technological Uncertainty3 cited
  • 2017On the Properties of Non-Monetary Measures for Risks2 cited