Measuring the Perception of Risk

Richard N. Rosett

Chapter Chapter 3 in Risk and Uncertainty, 1968, pp 68-93 from Palgrave Macmillan

Abstract: Abstract If you are a Friedman-Savage gambler,1 who is willing to buy an Irish Sweepstake ticket, it follows immediately that your willingness to share the ticket equally with partners will decline with increases in the number of partners until you finally refuse to buy your share, and it also follows that you will then be unwilling to buy any smaller share. This is illustrated in Fig. 1.

Keywords: Utility Function; Marginal Utility; Expected Utility; Subjective Probability; Economic Decision (search for similar items in EconPapers)
Date: 1968
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DOI: 10.1007/978-1-349-15248-3_3

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