Higher Order Risk Attitudes, Demographics, and Financial Decisions

We study the prevalence of the higher order risk attitudes of prudence and temperance in an experiment with a large demographically representative sample of participants. Under expected utility, prudence and temperance are defined by a convex first, and concave second, derivative of the utility func...

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Veröffentlicht in:	The Review of economic studies 2014-01, Vol.81 (1 (286)), p.325-355
Hauptverfasser:	NOUSSAIR, CHARLES N., TRAUTMANN, STEFAN T., VAN DE KUILEN, GIJS
Format:	Artikel
Sprache:	eng
Schlagworte:	Decision analysis Demographics Demography Expected utility Experiments Financial risk Investment risk Lotteries Precautionary savings Risk aversion Risk aversion preference Savings Studies Utility functions Wealth
Online-Zugang:	Volltext
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