Discrete choice estimation of risk aversion
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- dc.contributor.author Apesteguía, Joséca
- dc.contributor.author Ballester, Miguel A.ca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T10:50:05Z
- dc.date.available 2017-07-26T10:50:05Z
- dc.date.issued 2014-09-01
- dc.date.modified 2017-07-23T02:16:28Z
- dc.description.abstract We analyze the use of discrete choice models for the estimation of risk aversion and show a fundamental flaw in the standard random utility model which is commonly used in the literature. Specifically, we find that given two gambles, the probability of selecting the riskier gamble may be larger for larger levels of risk aversion. We characterize when this occurs. By contrast, we show that the alternative random preference approach is free of such problems.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1443
- dc.identifier.citation Mathematics and Archaeology, (eds) Barcelo, J.A.and Bogdanovic, I., Chapman & Hall/CRC, Boca Raton, USA, 491–499
- dc.identifier.uri http://hdl.handle.net/10230/22683
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1443
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword discrete choice; structural estimation; risk aversion; random utility models; random preference models.
- dc.subject.keyword Behavioral and Experimental Economics
- dc.subject.keyword Microeconomics
- dc.title Discrete choice estimation of risk aversionca
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper