Discrete choice estimation of risk aversion

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dc.contributor.authorApesteguía, Joséca
dc.contributor.authorBallester, Miguel A.ca
dc.contributor.otherUniversitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned2017-07-26T10:50:05Z
dc.date.available2017-07-26T10:50:05Z
dc.date.issued2014-09-01
dc.date.modified2017-07-23T02:16:28Z
dc.description.abstractWe 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.mimetypeapplication/pdfca
dc.identifierhttps://econ-papers.upf.edu/ca/paper.php?id=1443
dc.identifier.citationMathematics and Archaeology, (eds) Barcelo, J.A.and Bogdanovic, I., Chapman & Hall/CRC, Boca Raton, USA, 491–499
dc.identifier.urihttp://hdl.handle.net/10230/22683
dc.language.isoeng
dc.relation.ispartofseriesEconomics and Business Working Papers Series; 1443
dc.rightsL'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.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.keyworddiscrete choice; structural estimation; risk aversion; random utility models; random preference models.
dc.subject.keywordBehavioral and Experimental Economics
dc.subject.keywordMicroeconomics
dc.titleDiscrete choice estimation of risk aversionca
dc.title.alternative
dc.typeinfo:eu-repo/semantics/workingPaper

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