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risk aversion

Overview page. Subjects: Psychology.

A widespread characteristic of human preferences, first discussed in 1738 by the Swiss mathematician and physicist Daniel Bernoulli (1700–82), according to which most people tend to value...

See overview in Oxford Index

Utility and Risk Aversion

Kerry E. Back.

in Asset Pricing and Portfolio Choice Theory

March 2017; p ublished online May 2017 .

Chapter. Subjects: Financial Markets. 10759 words.

Expected utility is introduced. Risk aversion and its equivalence with concavity of the utility function (Jensen’s inequality) are explained. The concepts of relative risk aversion,...

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Financial Intermediation with Risk Aversion

Martin F. Hellwig.

in The Review of Economic Studies

October 2000; p ublished online October 2000 .

Journal Article. Subjects: Economics. 0 words.

The paper extends Diamond's (1984) analysis of financial intermediation to allow for risk aversion of the intermediary. As in the case of risk neutrality, the agency costs of external funds...

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Information, Risk Aversion, and Healthcare Economics

Hendrik Schmitz and Svenja Winkler.

in Oxford Research Encyclopedia of Economics and Finance

P ublished online June 2018 .

Article. 11459 words.

The terms information and risk aversion play central roles in healthcare economics. While risk aversion is among the main reasons for the existence of health insurance, information...

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Risk Aversion, Background Risk, and the Pricing Kernel

Ser-Huang Poon and Richard Stapleton.

in Asset Pricing in Discrete Time

January 2005; p ublished online July 2005 .

Chapter. Subjects: Financial Markets. 6259 words.

‘Risk Aversion, background Risk, and the Pricing Kernel’ looks in more detail at utility functions and their effect on the shape of the pricing kernel. The authors discuss the meaning of...

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Why Does Implied Risk Aversion Smile?

Alexandre Ziegler.

in The Review of Financial Studies

May 2007; p ublished online July 2006 .

Journal Article. Subjects: Financial Markets. 17524 words.

Implied risk aversion estimates reported in the literature are strongly U-shaped. This article explores different potential explanations for these “smile” patterns: (i) preference...

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Cost Function Estimation under Risk Aversion

Rulon D. Pope and Richard E. Just.

in American Journal of Agricultural Economics

May 1998; p ublished online May 1998 .

Journal Article. Subjects: Production and Organizations. 0 words.

Standard definitions of the cost function do not admit risk. Standard (ex post) approaches to cost function estimation yield biased and inconsistent estimates when production is stochastic....

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Peer Effects in Risk Aversion and Trust

Kenneth R. Ahern, Ran Duchin and Tyler Shumway.

in The Review of Financial Studies

November 2014; p ublished online July 2014 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Microeconomics. 12708 words.

Existing evidence shows that risk aversion and trust are largely determined by environmental factors. We test whether one such factor is peer influence. Using random assignment of MBA...

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We Could be Criticized! Policing and Risk Aversion

Robert Heaton.

in Policing: A Journal of Policy and Practice

March 2011; p ublished online May 2010 .

Journal Article. Subjects: Policing. 6052 words.

Rob Heaton is a serving police officer in Kent Police. He was awarded a M.Sc. degree in 1996 and Ph.D. in 2007. He has published several papers about the effects of policing...

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State Dependence Can Explain the Risk Aversion Puzzle

Fousseni Chabi-Yo, René Garcia and Eric Renault.

in The Review of Financial Studies

April 2008; p ublished online December 2007 .

Journal Article. Subjects: Economics. 15480 words.

Risk aversion functions extracted from observed stock and option prices can be negative, as shown by Aït-Sahalia and Lo (2000), Journal of Econometrics 94: 9–51; and Jackwerth (2000), The...

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Dynamic Resource Management: Intertemporal Substitution and Risk Aversion

Keith C. Knapp and Lars J. Olson.

in American Journal of Agricultural Economics

November 1996; p ublished online November 1996 .

Journal Article. Subjects: Renewable Resources and Conservation. 0 words.

We consider resource management with recursive preferences. These generalize expected utility while eliminating some well-known difficulties. Monotonicity and convergence properties of...

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Shared risk aversion in spontaneous and induced abortion

Ralph Catalano, Tim A. Bruckner, Deborah Karasek, Nancy E. Adler and Laust H. Mortensen.

in Human Reproduction

May 2016; p ublished online March 2016 .

Journal Article. Subjects: Reproductive Medicine. 4287 words.

STUDY QUESTION

Does the incidence of spontaneous abortion correlate positively over conception cohorts with the incidence of non-clinically indicated induced...

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risk aversion

Overview page. Subjects: Psychology.

A widespread characteristic of human preferences, first discussed in 1738 by the Swiss mathematician and physicist Daniel Bernoulli (1700–82), according to which most people tend to value...

See overview in Oxford Index

risk aversion

John Black, Nigar Hashimzade and Gareth Myles.

in A Dictionary of Economics

January 2009; p ublished online January 2009 .

Reference Entry. Subjects: Economics. 18 words.

The preference for a certain pay-off rather than a risky pay-off with the same expected value.

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risk aversion

John Black, Nigar Hashimzade and Gareth Myles.

in A Dictionary of Economics

January 2017; p ublished online January 2017 .

Reference Entry. Subjects: Economics. 20 words.

The preference for a pay-off that is certain rather than a risky pay-off with the same expected value.

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risk aversion

Edited by John Black, Nigar Hashimzade and Gareth Myles.

in A Dictionary of Economics

January 2012; p ublished online May 2013 .

Reference Entry. Subjects: Economics. 20 words.

The preference for a pay-off that is certain rather than a risky pay-off with the same expected value.

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risk aversion

Edited by Craig Calhoun.

in Dictionary of the Social Sciences

January 2002; p ublished online January 2002 .

Reference Entry. Subjects: Social Sciences. 133 words.

In economics, a person is risk averse if he or she prefers to forgo a risky investment in favor of

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Risk Averters that Love Risk? Marginal Risk Aversion in Comparison to a Reference Gamble

David R. Just and Travis J. Lybbert.

in American Journal of Agricultural Economics

August 2009; p ublished online August 2009 .

Journal Article. Subjects: Agricultural, Environmental, and Natural Resource Economics; Economic Development and Growth. 8123 words.

We propose an analytical distinction between standard risk aversion based on the valuation of a single gamble and marginal risk aversion based on the change in valuation between two...

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Recovering Risk Aversion from Option Prices and Realized Returns

Jens Carsten Jackwerth.

in The Review of Financial Studies

April 2000; p ublished online June 2015 .

Journal Article. Subjects: Financial Markets. 7273 words.

A relationship exists between aggregate risk-neutral and subjective probability distributions and risk aversion functions. We empirically derive risk aversion functions implied by options...

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Tests for the Role of Risk Aversion on Input Use

Jutta Roosen and David A. Hennessy.

in American Journal of Agricultural Economics

February 2003; p ublished online February 2003 .

Journal Article. Subjects: Renewable Resources and Conservation; Agricultural Economics. 8488 words.

For risk-averting agents, risks alter production decisions while the existence of institutions to insure against adverse states of nature will likely restore decisions toward levels under...

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Risk Aversion: Experimental Evidence from South African Fishing Communities

Kerri Brick, Martine Visser and Justine Burns.

in American Journal of Agricultural Economics

January 2012; p ublished online January 2012 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Renewable Resources and Conservation. 10799 words.

We estimate the risk attitudes of a large sample of individuals from various fishing communities along the west coast of South Africa. Female fishers and rights holders are found to be more...

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