Construct · 1 fields · 1 citations

first-order risk aversion: a standalone construct

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Behavioral economics

risk aversion in which the risk premium is proportional to the size of a small gamble rather than its variance, so people reject small fair bets.

In behavioral economics, first-order risk aversion refers to risk aversion in which the risk premium is proportional to the size of a small gamble rather than its variance, so people reject small fair bets. This meaning comes from Segal (1990) in Journal of Economic Theory.[1]

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Nearby constructs

premium4 fields · 4 citationsjingle · one word, four constructs risk6 fields · 13 citationsjingle · one name, six constructs size1 fields · 1 citationsanchor · a standalone construct

References

Segal, U., & Spivak, A. (1990). First order versus second order risk aversion. Journal of Economic Theory, 51(1), 111-125. https://doi.org/10.1016/0022-0531(90)90053-m

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