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Risk aversion in experiments: An introduction

In: Risk Aversion in Experiments

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  • James C. Cox
  • Glenn W. Harrison

Abstract

Attitudes to risk play a central role in economics. Policy makers should know them in order to judge the certainty equivalent of the effects of policy on individuals. What might look like a policy improvement when judged by the average impact could easily entail a welfare loss for risk averse individuals if the variance of expected impacts is wide compared to the alternatives.

Suggested Citation

  • James C. Cox & Glenn W. Harrison, 2008. "Risk aversion in experiments: An introduction," Research in Experimental Economics, in: Risk Aversion in Experiments, pages 1-7, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rexezz:s0193-2306(08)00001-x
    DOI: 10.1016/S0193-2306(08)00001-X
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    Cited by:

    1. Johannes Hoelzemann & Ryan Webb & Erhao Xie, 2024. "Non-Parametric Identification and Testing of Quantal Response Equilibrium," Staff Working Papers 24-24, Bank of Canada.
    2. Flagner, Stefan & Meissner, Thomas & Künn, Steffen & Eichholtz, Piet & Kok, Nils & Kramer, Rick & van Marken-Lichtenbelt, Wouter & Ly, Cynthia & Plasqui, Guy, 2024. "Cognition, Economic Decision-Making, and Physiological Response to Indoor Carbon Dioxide: Does It Really Matter?," IZA Discussion Papers 17019, Institute of Labor Economics (IZA).
    3. Thomas Meissner & Xavier Gassmann & Corinne Faure & Joachim Schleich, 2023. "Individual characteristics associated with risk and time preferences: A multi country representative survey," Journal of Risk and Uncertainty, Springer, vol. 66(1), pages 77-107, February.
    4. Agostino Capponi & Sveinn Ólafsson & Thaleia Zariphopoulou, 2022. "Personalized Robo-Advising: Enhancing Investment Through Client Interaction," Management Science, INFORMS, vol. 68(4), pages 2485-2512, April.

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