A global index of riskiness

Adi Schnytzer and Sara Westreich

Economics Letters, 2013, vol. 118, issue 3, 493-496

Abstract: We extend the pioneering work of Aumann–Serrano by presenting an index of riskiness for gambles with either positive or negative expectations. It can be of use for a variety of abstract behaviors, when adapting the framework of either Expected-Utility Theory or Prospect Theory.

Keywords: Expected Utility Theory; Prospect theory; Utility functions; Value functions; Index of riskiness; Duality axiom (search for similar items in EconPapers)
JEL-codes: C5 C6 G1 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:118:y:2013:i:3:p:493-496

DOI: 10.1016/j.econlet.2012.12.018

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