Utility of wealth and relative risk aversion: Operationalization and estimation
โ Scribed by Nico L. Van der Sar
- Publisher
- Springer Milan
- Year
- 1989
- Tongue
- English
- Weight
- 450 KB
- Volume
- 12
- Category
- Article
- ISSN
- 1593-8883
No coin nor oath required. For personal study only.
๐ SIMILAR VOLUMES
In the expected utility case, the risk-aversion measure is given by the Arrow-Pratt index. Three proposals of a risk-aversion measure for the nonexpected utility case are examined. The first one sets "the second derivative of the acceptance frontier as a measure of local risk aversion." The second o
It is shown that von Neumann-Morgernstern (NM) expected utility maximization, as is currently practised, implies an upper bound on the percentage utility that can be sacrificed to reduce the probability or severity of a catastrophe. The major quantitative result of this paper is a simple tabular (an
The Theory of double sampling as proposed by NEYMAN (1938) and subsequently used for successive sampling by JESSON (1942), YATES (1960), PATTERSON (1950), ECKLER (1955), KULDROFF (1963) and TIKKIWAL (1960, 1967) has been explored to develop a general estimator which can be used for estimation of par