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Proper Risk Behavior

K. Dachraoui, Georges Dionne, Louis Eeckhoudt and P. Godfroid

Working Papers from Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor.

Abstract: How does risk aversion affect choices when expenses improve probabilities? Attempts to answer this question in the literature found an endogenous switching probability. In this paper we introduce a new concept of comparative attitude to risl, namely proper risk behavior and determine 1/2 as the threshold probability over which a more proper risk behavior agent becomes a gambler.

Keywords: RISK; BEHAVIOUR; UNCERTAINTY (search for similar items in EconPapers)
JEL-codes: D81 D10 (search for similar items in EconPapers)
Date: 1999
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