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Essays in the theory of risk-bearing
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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).read more
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Delegated portfolio management
TL;DR: In this article, a significant extension of the deFinnetti-Savage probability elicitation result is developed for the case of risk averse agents and large principals, and an approximately optimal solution is constructively characterized under the assumption that payoffs are normally distributed.
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Testing for Stochastic Dominance
TL;DR: In this article, a statistical test for second-degree stochastic dominance between distributions of payoffs is proposed, where an optimal prospect cannot be inferior to another feasible prospect for all increasing utility functions.
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Adverse Selection in Crop Insurance: Actuarial and Asymmetric Information Incentives
TL;DR: In this article, the authors decompose incentives for participation in multiple-parity crop insurance into a risk-aversion incentive, an actuarial or subsidy incentive, and an asymmetric information incentive.
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Over)insuring Modest Risks
TL;DR: In this paper, the authors used new data on consumers' choices of deductibles for home insurance to provide evidence that a surprising level of risk aversion over modest stakes is a reality in the market.
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Variable risk preferences and adaptive aspirations
TL;DR: In this paper, a model of variable risk preference is proposed, which suggests that some risk averse behavior may result from a human tendency to focus on targets and from the adaptation of those targets to experience rather than from a fixed trait of risk aversion.