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  • Articles  (6)
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  • risk aversion  (6)
  • 1985-1989  (6)
  • 1950-1954
  • Economics  (6)
  • 1
    Electronic Resource
    Electronic Resource
    The impact of risk sharing on efficient decision (1989)
    Springer
    Journal of risk and uncertainty 2 (1989), S. 219-234 
    Details
    ISSN: 1573-0476
    Keywords: risk aversion ; group decision ; syndicate ; risk sharing ; utility ; lotteries
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A group of risk-averse members must choose among monetary risks and payoff-sharing rules. Departure from the status quo requires unanimous consent. Such groups drill for oil, bail out nations, and make hostile takeover bids. Assume agreement on probabilities. As is well known, if all members have identically shaped HARA utility functions, efficient group act-choices follow another such function independently of payoff sharing. We show that all other groups inevitably have complex efficient behavior, accepting gambles among individually unacceptable lotteries in almost every status quo position. We also develop proper risk aversion for groups, and treat disagreement on probabilities.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00209388
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  • 2
    Electronic Resource
    Electronic Resource
    Risk aversion and the relationship between Nash's solution and subgame perfect equilibrium of sequential bargaining (1989)
    Springer
    Journal of risk and uncertainty 2 (1989), S. 353-365 
    Details
    ISSN: 1573-0476
    Keywords: bargaining ; axiomatic models ; strategic models ; risk aversion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article presents some new, intuitive derivations of several results in the bargaining literature. These new derivations clarify the relationships among these results and allow them to be understood in a unified way. These results concern the way in which the risk posture of the bargainers affects the outcome of bargaining as predicted by Nash's (axiomatic) solution of a static bargaining model (Nash, 1950) and by the subgame perfect equilibrium of the infinite horizon sequential bargaining game analyzed by Rubinstein (1982). The analogous, experimentally testable predictions for finite horizon sequential bargaining games are also presented.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00356861
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  • 3
    Electronic Resource
    Electronic Resource
    Endogenous risks and the risk premium (1989)
    Springer
    Theory and decision 26 (1989), S. 37-46 
    Details
    ISSN: 1573-7187
    Keywords: endogenous risk ; risk aversion ; risk premium
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract This note tries to correct a deficiency of the microeconomic literature on decision making under uncertainty. Indeed, when considering meaningful comparative statics results in situations where risks are at least partially controllable (endogenous), this literature has mostly relied upon the traditional Arrow-Pratt risk aversion functions and has paid very little attention to the definition of the risk premium. However when they defined the risk premium and the risk aversion functions, Arrow and Pratt considered only roulette gambles, i.e. risks totally exogenous to the individual. This note highlights the fact that several definitions of the risk premium may be proposed for endogenous risks. Two of them, already used in the literature, do not preserve the intuitively-appealing properties of the Arrow-Pratt risk premium. An alternative definition is then proposed. It is shown that this new definition of the risk premium applied to endogenous risks exhibits the properties generally admitted for roulette gambles.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00134055
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  • 4
    Electronic Resource
    Electronic Resource
    Aversion to one risk in the presence of others (1988)
    Springer
    Journal of risk and uncertainty 1 (1988), S. 395-413 
    Details
    ISSN: 1573-0476
    Keywords: risk aversion ; certainty equivalent ; multivariate utilities ; independent risks ; comparative concavity ; multiple risks
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The more risk-averse of two individuals need not have the smaller certainty equivalent for a risk \~x if another risk or combination of risks w is present. It is shown that he must, however, if either individual's conditional certainty equivalent for x is increasing in w. For independent risks, this condition follows immediately if either individual is decreasingly risk-averse, giving a natural proof of a known result. Another short proof of this result and necessary and sufficient conditions in the independent case are give. For multivariate utilities, the corresponding results do not hold, but it is proved simply that any mixture of decreasingly risk-averse utilities is decreasingly risk-averse. Also touched upon are risk aversion's relation to generalized means, concave composition, risk sharing, and interest rates, the application of the results to discounting under uncertainty and selection of investment level, and their connection to singly crossing distributions, noise, and dominance.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00117643
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  • 5
    Electronic Resource
    Electronic Resource
    Risk aversion in bargaining: An experimental study (1988)
    Springer
    Journal of risk and uncertainty 1 (1988), S. 101-124 
    Details
    ISSN: 1573-0476
    Keywords: risk aversion ; bargaining ; experiments
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper reports the results of three experiments designed to test the predictions of the principal game-theoretic models of bargaining concerning the influence of risk aversion on bargaining outcomes. These models predict that risk aversion will be disadvantageous in bargaining except in situations in which potential agreements are lotteries with a positive probability of being worse than disagreement. The experimental results support the models' predictions. However, in the range of payoffs studied here, the effects due to risk aversion may be smaller than some of the focal point effects observed in previous experiments. Implications for further theoretical and experimental work are considered.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00055566
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  • 6
    Electronic Resource
    Electronic Resource
    Choice under risk and the security factor: An axiomatic model (1988)
    Springer
    Theory and decision 24 (1988), S. 169-200 
    Details
    ISSN: 1573-7187
    Keywords: decision theory ; risk ; expected utility ; security level ; risk aversion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract The particular attention paid by decision makers to the security level ensured by each decision under risk, which is responsible for the certainty effect, can be taken into account by weakening the independence and continuity axioms of expected utility theory. In the resulting model, preferences depend on: (i) the security level, (ii) the expected utility, offered by each decision. Choices are partially determined by security level comparison and completed by the maximization of a function, which express the existing tradeoffs between expected utility and security level, and is, at a given security level, an affine function of the expected utility. In the model, risk neutrality at a given security level implies risk aversion.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00132460
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