Publication
Oct 2013
This paper presents the chance theory (CT) model which clearly distinguishes between risk-less and risky utility in decision making. The authors use this model to separate attitudes towards wealth and risk and look at prudence and risk aversion, suggesting that these behaviors may be unrelated.
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English (PDF, 41 pages, 364 KB) |
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Author | Ulrich Schmidt, Horst Zank |
Series | Kiel Institute Working Papers |
Issue | 1874 |
Publisher | Kiel Institute for the World Economy |
Copyright | © 2013 Kiel Institute for the World Economy |