An index of loss aversion

被引：248

作者：

Köbberling, V ^{[1
]}

Wakker, PP ^{[1
]}

机构：

[1] Univ Maastricht, Dept Quantitat Econ, NL-6200 MD Maastricht, Netherlands

来源：

JOURNAL OF ECONOMIC THEORY | 2005年 / 122卷 / 01期

关键词：

loss aversion; prospect theory; rank-dependence; risk aversion;

D O I：

10.1016/j.jet.2004.03.009

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

To a considerable extent, risk aversion as it is commonly observed is caused by loss aversion. Several indexes of loss aversion have been proposed in the literature. The one proposed in this paper leads to a clear decomposition of risk attitude into three distinct components: basic utility, probability weighting, and loss aversion. The index is independent of the unit of payment. The main theorem shows how the indexes of different decision makers can be compared through observed choices. (c) 2004 Elsevier Inc. All rights reserved.

引用

页码：119 / 131

页数：13

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