A General Index of Absolute Risk Attitude

Louis Eeckhoudt · Michel M. Denuit

1 citations0/0 files storedRePEc: Research Papers in Economics

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Decision-Making and Behavioral Economics Economic and Environmental Valuation Experimental Behavioral Economics Studies

Abstract

Many results involving expected utility theory call upon the notions of absolute risk aversion, prudence, and/or temperance. This paper exploits a representation of the Friedman-Savage utility premium (Friedman, M., L. J. Savage. 1948. The utility analysis of choices involving risk. J. Political Econom. 56(4) 279-304) to give a general foundation for such coefficients and for their higher-order extensions. (This abstract was borrowed from another version of this item.)

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