Calibration Results for Non-Expected Utility Theories

Zvi Safra and Uzi Segal
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Zvi Safra: Tel Aviv University

No 645, Boston College Working Papers in Economics from Boston College Department of Economics

Abstract: Rabin proved that a low level of risk aversion with respect to small gambles leads to a high, and absurd, level of risk aversion with respect to large gambles. Rabin's arguments strongly depend on expected utility theory, but we show that similar arguments apply to almost all non-expected utility theories.

Pages: 18 pages
Date: 2006-07-24
New Economics Papers: this item is included in nep-upt
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Calibration Results for Non-Expected Utility Theories (2008)
Working Paper: Calibration Results for Non-Expected Utility Theories (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:boc:bocoec:645

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