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Essays in the theory of risk-bearing

Kenneth J. Arrow
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The article was published on 1958-01-01 and is currently open access. It has received 3688 citations till now. The article focuses on the topics: Bearing (mechanical).

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Uncertainty, learning and ambiguity in economic models on climate policy: some classical results and new directions

Andreas Lange, +1 more
- 14 May 2008 - 
TL;DR: A standard expected utility model with two sequential decisions is studied, and the impact of ambiguity-aversion on decisions and difficulties in applying such a non-expected utility framework to a dynamic context are discussed.
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Portfolio turnpike theorems, risk aversion, and regularly varying utility functions

Gur Huberman, +1 more
- 01 Sep 1983 - 
TL;DR: In this paper, the problem of portfolio selection for a von Neumann-Morgenstern expected utility maximizer with a finite-horizon investment strategy is considered. But the problem is not restricted to the case of a single investor, as in this paper.
Journal ArticleDOI

A successful businessman is not a gambler: risk attitude and business performance among small enterprises in Nigeria

Daan Willebrands, +2 more
- 01 Apr 2012 - 
TL;DR: In this paper, the effect of risk attitudes of firm owners on business performance among small enterprises in Lagos, Nigeria was analyzed. And they found that there is no robust support for a positive effect of willingness to take risk through compensation for risk taking.
Journal ArticleDOI

Inferring Risk Tolerance from Deductibles in Insurance Contracts

Jacques H. Dreze
- 01 Jul 1981 - 
TL;DR: In this article, the authors present the following elegant proposition due to Arrow: " Proposition : If an insurance company is willing to offer any insurance policy against loss desired by the buyer at a premium which depends only on the policy's actuarial value, then the policy chosen by a risk-averting buyer will take the form of 100 percent coverage above a deductible minimum.
Posted ContentDOI

An Empirical Test of the Interval Approach for Estimating Risk Preferences

Paul N. Wilson, +1 more
- 01 Dec 1983 - 
TL;DR: In this article, the Arrow-Pratt coefficient in the range of approximately -.0002 to.0012 was used for elicitation of risk preferences for Minnesota swine producers.