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Risk aversion in experiments: An introduction

Risk Aversion in Experiments

ISBN: 978-0-7623-1384-6, eISBN: 978-1-84950-547-5

Publication date: 3 June 2008


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.


Cox, J.C. and Harrison, G.W. (2008), "Risk aversion in experiments: An introduction", Cox, J.C. and Harrison, G.W. (Ed.) Risk Aversion in Experiments (Research in Experimental Economics, Vol. 12), Emerald Group Publishing Limited, Leeds, pp. 1-7.



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