Anomalies: Risk Aversion
Economists ubiquitously employ a simple and elegant explanation for risk aversion: It derives from the concavity of the utility-of-wealth function within the expected-utility framework. We show that this explanation is not plausible in most applications, since anything more than economically negligi...
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| Published in | The Journal of economic perspectives Vol. 15; no. 1; pp. 219 - 232 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Nashville
American Economic Association
2001
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| Subjects | |
| Online Access | Get full text |
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| Abstract | Economists ubiquitously employ a simple and elegant explanation for risk aversion: It derives from the concavity of the utility-of-wealth function within the expected-utility framework. We show that this explanation is not plausible in most applications, since anything more than economically negligible risk aversion over moderate stakes requires a utility-of-wealth function that is so concave that it predicts absurdly severe risk aversion over very large stakes. We present examples of how the expected-utility framework has misled economists, and why we believe a better explanation for risk aversion must incorporate loss aversion and mental accounting. |
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| AbstractList | Economists ubiquitously employ a simple and elegant explanation for risk aversion: It derives from the concavity of the utility-of-wealth function within the expected-utility framework. We show that this explanation is not plausible in most applications, since anything more than economically negligible risk aversion over moderate stakes requires a utility-of-wealth function that is so concave that it predicts absurdly severe risk aversion over very large stakes. We present examples of how the expected-utility framework has misled economists, and why we believe a better explanation for risk aversion must incorporate loss aversion and mental accounting. Economics can be distinguished from other social sciences by the belief that most (all?) behavior can be explained by assuming that rational agents with stable, well-defined preferences interact in markets that eventually clear. |
| Author | Thaler, Richard H. Rabin, Matthew |
| Author_xml | – sequence: 1 givenname: Matthew surname: Rabin fullname: Rabin, Matthew – sequence: 2 givenname: Richard H. surname: Thaler fullname: Thaler, Richard H. |
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