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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
Charles A. Holt and Susan K. Laury
136
4.1 INTRODUCTION
A primary advantage of experimentation in economics is the ability to induce or manipu-
late payoff structures with specific theoretical predictions. The calculation of optimal
decisions for individuals or game-theoretic predictions for groups, however, requires
assumptions about aspects of preferences that are beyond the direct control of the
experimenter, e.g. other-regarding preferences or risk aversion. Notions of risk and risk
aversion pervade many areas of economics, especially insurance, contract theory, finance,
and business cycle theory (post 2008), and obtaining measures of risk ...
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Publisher Resources

ISBN: 9780444536853