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Risk Preference: Empirical Evidence and Its Implications for Capital Budgeting · Study

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ChapterRisk Preference: Empirical Evidence and Its Implications for Capital Budgeting

Roy L. Crum1981

Chapter1981

Risk Preference: Empirical Evidence and Its Implications for Capital Budgeting

Roy L. Crum · Dan J. Laughhunn · John W. Payne

12 citations·0/0 files stored·Nijenrode studies in business

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Decision-Making and Behavioral Economics Capital Investment and Risk Analysis Experimental Behavioral Economics Studies

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1979Prospect Theory: An Analysis of Decision under Risk 1988Prospect theory: An analysis of decision under risk 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1952PORTFOLIO SELECTION*2024The Quarterly Journal of Economics 1975THE 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.]1964Risk Aversion in the Small and in the Large 1976Risk Aversion in the Small and in the Large

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Details

Year1981

Typechapter

Published1981-01-01

VenueNijenrode studies in business

ISSN-L0924-4980

Languageen

Citations12

Files0 public / 0

ShelfDecision-Making and Behavioral Economics

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doi10.1007/978-94-009-8129-4_2

openalex_workW23402479

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1988Aspiration level effects: An empirical investigation