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Handbook of the Economics of Risk and Uncertainty
book

Handbook of the Economics of Risk and Uncertainty

by Mark Machina, W. Kip Viscusi
November 2013
Beginner content levelBeginner
896 pages
35h 10m
English
North Holland
Content preview from Handbook of the Economics of Risk and Uncertainty
Assessment and Estimation of Risk Preferences
185
The authors also report regressions of bids on a set of variables that include a
dummy for the right-to-choose auction, and its coefficient is positive, large in magni-
tude, and highly significant. Then the inclusion of the risk aversion measure into the
same regression caused the coefficient on the auction format to fall from about 48 to
about 5 and to lose significance. Risk aversion is, as predicted, positively correlated
with individual bidding behavior in the right-to-choose format (p = 0.028 for the
variable that interacts this auction format with risk aversion). As the authors note, one ...
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Publisher Resources

ISBN: 9780444536853