Calibration Results for Non-Expected Utility Theories

Zvi Safra and Uzi Segal ()
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Zvi Safra: Tel Aviv University

No 682, Boston College Working Papers in Economics from Boston College Department of Economics

Abstract: Rabin [22] 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 general non-expected utility theories.

Keywords: risk aversion; betweenness; calibration; non-expected utility theories (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-upt
Date: 2008-05-18
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Forthcoming, Econometrica

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Related works:
Working Paper: Calibration Results for Non-Expected Utility Theories (2006)
Journal Article: Calibration Results for Non-Expected Utility Theories (2008)
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