| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1927 |
| DP1927 The Demand for Money, Financial Innovation and the Welfare Cost of Inflation: An Analysis with Households' Data | |
| Luigi Guiso; Tullio Jappelli; Orazio Attanasio | |
| 发表日期 | 1998-07-31 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | We use data from a television game show, involving elementary lotteries and substantial prize money, as a natural experiment to measure risk attitudes. We find robust evidence of substantial risk aversion. As an extension, we esimate the various models using transformations of the ?true? probabilities to decision weights. The estimated degree of risk aversion increases further, while players tend to overestimate substantially their chances of winning. Constant Relative Risk Aversion (CRRA) and Constant Absolute Risk Aversion (CARA) utility specifications perform approximately equally well, with CARA having the advantage that the players? decisions do not depend on their initial wealth. |
| 主题 | Financial Economics |
| 关键词 | Decision weights Expected utility Lingo Natural experiments Risk aversion |
| URL | https://cepr.org/publications/dp1927 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531063 |
| 推荐引用方式 GB/T 7714 | Luigi Guiso,Tullio Jappelli,Orazio Attanasio. DP1927 The Demand for Money, Financial Innovation and the Welfare Cost of Inflation: An Analysis with Households' Data. 1998. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
