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Risk Aversion in the Small and in the Large
Econometrica · 1976 · Vol. 44(2) · pp. 420–420
Abstract
This paper concerns utility functions for money. A measure of risk aversion in the small, the risk premium or insurance premium for an arbitrary risk, and a natural concept of decreasing risk aversion are discussed and related to one another. Risks are also considered as a proportion of total assets.
Economic theories and modelsRisk and Portfolio OptimizationEconomicsRisk aversion (psychology)EconometricsMathematical economicsExpected utility hypothesis
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