메뉴 건너뛰기




Volumn 4, Issue , 2012, Pages 567-593

Probability and risk: Foundations and economic implications of probability-dependent risk preferences

Author keywords

cumulative prospect theory; disappointment aversion; probability weighting; rank dependent utility; risk preferences

Indexed keywords


EID: 84873126182     PISSN: 19411383     EISSN: 19411391     Source Type: Journal    
DOI: 10.1146/annurev-economics-080511-110950     Document Type: Article
Times cited : (129)

References (101)
  • 1
    • 0000341006 scopus 로고    scopus 로고
    • Parameter-free elicitation of utility and probability weighting functions
    • Abdellaoui M. 2000. Parameter-free elicitation of utility and probability weighting functions. Manag. Sci. 46: 1497-512
    • (2000) Manag. Sci. , vol.46 , pp. 1497-1512
    • Abdellaoui, M.1
  • 2
    • 79956137206 scopus 로고    scopus 로고
    • Risk preferences at different time periods: An experimental investigation
    • Abdellaoui M, Diecidue E,Ö ncü ler A. 2011. Risk preferences at different time periods: an experimental investigation. Manag. Sci. 57: 975-87
    • (2011) Manag. Sci. , vol.57 , pp. 975-987
    • Abdellaoui, M.1    Diecidue Eöncüler, A.2
  • 3
    • 81855181953 scopus 로고
    • L'extension des theories de l'equilibre economique general et du rendement social au cas du risque
    • Allais M. 1953. L'extension des theories de l'equilibre economique general et du rendement social au cas du risque. Econometrica 21: 269-90
    • (1953) Econometrica , vol.21 , pp. 269-290
    • Allais, M.1
  • 5
    • 33645087144 scopus 로고    scopus 로고
    • The cross-section of volatility and expected returns
    • Ang A, Hodrick R, Xing Y, Zhang X. 2006. The cross-section of volatility and expected returns. J. Finance 61: 259-99
    • (2006) J. Finance , vol.61 , pp. 259-299
    • Ang, A.1    Hodrick, R.2    Xing, Y.3    Zhang, X.4
  • 6
    • 21244501703 scopus 로고    scopus 로고
    • Exotic preferences for macroeconomists
    • ed. M Gertler, K Rogoff Cambridge MA MIT Press
    • Backus D, Routledge B, Zin S. 2005. Exotic preferences for macroeconomists. In NBER Macroeconomics Annual 2004, ed. M Gertler, K Rogoff, pp. 319-414. Cambridge, MA: MIT Press
    • (2005) NBER Macroeconomics Annual 2004 , pp. 319-414
    • Backus, D.1    Routledge, B.2    Zin, S.3
  • 7
    • 55949117180 scopus 로고    scopus 로고
    • Stocks as lotteries: The implications of probability weighting for security prices
    • Barberis N, Huang M. 2008. Stocks as lotteries: the implications of probability weighting for security prices. Am. Econ. Rev. 98: 2066-100
    • (2008) Am. Econ. Rev. , vol.98 , pp. 2066-2100
    • Barberis, N.1    Huang, M.2
  • 9
    • 33847618000 scopus 로고    scopus 로고
    • Individual preferences, monetary gambles, and stock market participation: A case for narrow framing
    • Barberis N, Huang M, Thaler RH. 2006. Individual preferences, monetary gambles, and stock market participation: a case for narrow framing. Am. Econ. Rev. 96: 1069-90
    • (2006) Am. Econ. Rev. , vol.96 , pp. 1069-1090
    • Barberis, N.1    Huang, M.2    Thaler, R.H.3
  • 11
    • 0003105343 scopus 로고
    • Testing between alternative models of choice under uncertainty: Some initial results
    • Battalio R, Kagel J, Jiranyakul K. 1990. Testing between alternative models of choice under uncertainty: some initial results. J. Risk Uncertain. 3: 25-50
    • (1990) J. Risk Uncertain. , vol.3 , pp. 25-50
    • Battalio, R.1    Kagel, J.2    Jiranyakul, K.3
  • 12
    • 0000188494 scopus 로고
    • Animals' choices over uncertain outcomes: Some initial experimental results
    • Battalio R, Kagel J, MacDonald D. 1985. Animals' choices over uncertain outcomes: some initial experimental results. Am. Econ. Rev. 75: 597-613
    • (1985) Am. Econ. Rev. , vol.75 , pp. 597-613
    • Battalio, R.1    Kagel, J.2    MacDonald, D.3
  • 13
    • 18744370212 scopus 로고    scopus 로고
    • Myopic loss aversion: Information feedback vs. investment flexibility
    • Bellemare C, Krause M, Krö ger S, Zhang C. 2005. Myopic loss aversion: information feedback vs. investment flexibility. Econ. Lett. 87: 319-24
    • (2005) Econ. Lett. , vol.87 , pp. 319-324
    • Bellemare, C.1    Krause, M.2    Krö Ger, S.3    Zhang, C.4
  • 14
    • 84906006114 scopus 로고
    • Myopic loss aversion and the equity premium puzzle
    • Benartzi S, Thaler R. 1995.Myopic loss aversion and the equity premium puzzle. Q. J. Econ. 110: 73-92
    • (1995) Q. J. Econ. , vol.110 , pp. 73-92
    • Benartzi, S.1    Thaler, R.2
  • 15
    • 74849112432 scopus 로고    scopus 로고
    • A parametric analysis of prospect theory's functionals for the general population
    • Booij A, van Praag B, van de Kuilen G. 2010. A parametric analysis of prospect theory's functionals for the general population. Theory Decis. 68: 115-48
    • (2010) Theory Decis. , vol.68 , pp. 115-148
    • Booij, A.1    Van Praag, B.2    Van De Kuilen, G.3
  • 17
    • 77955157105 scopus 로고    scopus 로고
    • Risk and rationality: Uncovering heterogeneity in probability distortion
    • Bruhin A, Fehr-Duda H, Epper T. 2010. Risk and rationality: uncovering heterogeneity in probability distortion. Econometrica 78: 1375-412
    • (2010) Econometrica , vol.78 , pp. 1375-1412
    • Bruhin, A.1    Fehr-Duda, H.2    Epper, T.3
  • 18
    • 0002665853 scopus 로고
    • Recent tests of generalizations of expected utility theory
    • ed. W Edwards Norwell MA: Kluwer
    • Camerer C. 1992. Recent tests of generalizations of expected utility theory. In Utility Theories: Measurements and Applications, ed. W Edwards, pp. 207-51. Norwell, MA: Kluwer
    • (1992) Utility Theories: Measurements and Applications , pp. 207-251
    • Camerer, C.1
  • 19
    • 85098030232 scopus 로고    scopus 로고
    • Prospect theory in the wild: Evidence from the field
    • ed. D Kahneman, A Tversky Cambridge UK: Cambridge Univ Press
    • Camerer C. 2000. Prospect theory in the wild: evidence from the field. In Choices, Values, and Frames, ed. D Kahneman, A Tversky, pp. 288-300. Cambridge, UK: Cambridge Univ. Press
    • (2000) Choices, Values, and Frames , pp. 288-300
    • Camerer, C.1
  • 20
    • 0002340332 scopus 로고    scopus 로고
    • Individual decision making
    • ed. J Kagel, A Roth Princeton NJ: Princeton Univ Press
    • Camerer C. 2004. Individual decision making. In Handbook of Experimental Economics, ed. J Kagel, A Roth, pp. 587-703. Princeton, NJ: Princeton Univ. Press
    • (2004) Handbook of Experimental Economics , pp. 587-703
    • Camerer, C.1
  • 21
    • 0000935059 scopus 로고
    • Violations of the betweenness axiom and nonlinearity in probability
    • Camerer C, Ho T-H. 1994. Violations of the betweenness axiom and nonlinearity in probability. J. Risk Uncertain. 8: 167-96
    • (1994) J. Risk Uncertain. , vol.8 , pp. 167-196
    • Camerer, C.1    Ho, T.-H.2
  • 22
    • 67349242599 scopus 로고    scopus 로고
    • First-order risk aversion, heterogeneity, and asset market outcomes
    • Chapman D, Polkovnichenko V. 2009. First-order risk aversion, heterogeneity, and asset market outcomes. J. Finance 64: 1863-87
    • (2009) J. Finance , vol.64 , pp. 1863-1887
    • Chapman, D.1    Polkovnichenko, V.2
  • 23
    • 34249968243 scopus 로고
    • Axiomatic utility theories with the betweenness property
    • Chew S. 1989. Axiomatic utility theories with the betweenness property. Ann. Oper. Res. 19: 273-98
    • (1989) Ann. Oper. Res. , vol.19 , pp. 273-298
    • Chew, S.1
  • 24
    • 84937315677 scopus 로고
    • A microeconometric analysis of risk aversion and the decision to selfinsure
    • Cicchetti C, Dubin J. 1994. A microeconometric analysis of risk aversion and the decision to selfinsure. J. Polit. Econ. 102: 169-86
    • (1994) J. Polit. Econ. , vol.102 , pp. 169-186
    • Cicchetti, C.1    Dubin, J.2
  • 25
    • 0001062198 scopus 로고
    • Three variants on the Allais example
    • Conlisk J. 1989. Three variants on the Allais example. Am. Econ. Rev. 79: 392-407
    • (1989) Am. Econ. Rev. , vol.79 , pp. 392-407
    • Conlisk, J.1
  • 26
    • 0000932820 scopus 로고
    • The peculiar scale economies of Lotto
    • Cook PJ, Clotfelter CT. 1993. The peculiar scale economies of Lotto. Am. Econ. Rev. 83: 634-43
    • (1993) Am. Econ. Rev. , vol.83 , pp. 634-643
    • Cook, P.J.1    Clotfelter, C.T.2
  • 27
    • 38249019583 scopus 로고
    • Equilibrium without independence
    • Crawford VP. 1990. Equilibrium without independence. J. Econ. Theory 50: 127-54
    • (1990) J. Econ. Theory , vol.50 , pp. 127-154
    • Crawford, V.P.1
  • 28
    • 72949084713 scopus 로고    scopus 로고
    • Gender differences in preferences
    • Croson R, Gneezy U. 2009. Gender differences in preferences. J. Econ. Lit. 47: 448-74
    • (2009) J. Econ. Lit. , vol.47 , pp. 448-474
    • Croson, R.1    Gneezy, U.2
  • 29
    • 84860448412 scopus 로고    scopus 로고
    • Dynamic portfolio choice and asset pricing with narrow framing and probability weighting
    • De Giorgi E, Legg S. 2012. Dynamic portfolio choice and asset pricing with narrow framing and probability weighting. J. Econ. Dyn. Control 36: 951-72
    • (2012) J. Econ. Dyn. Control , vol.36 , pp. 951-972
    • De Giorgi, E.1    Legg, S.2
  • 30
    • 84873114125 scopus 로고    scopus 로고
    • Loss aversion with a state-dependent reference point
    • Swiss Finance Inst., Zü rich
    • De Giorgi E, Post T. 2011. Loss aversion with a state-dependent reference point. Res. Pap. 07-14, Swiss Finance Inst., Zü rich
    • (2011) Res. Pap. 07-14
    • De Giorgi, E.1    Post, T.2
  • 31
    • 46149129172 scopus 로고
    • An axiomatic characterization of preferences under uncertainty: Weakening the independence axiom
    • Dekel E. 1986. An axiomatic characterization of preferences under uncertainty: weakening the independence axiom. J. Econ. Theory 40: 304-18
    • (1986) J. Econ. Theory , vol.40 , pp. 304-318
    • Dekel, E.1
  • 32
    • 0035605232 scopus 로고    scopus 로고
    • On the intuition of rank-dependent utility
    • Diecidue E, Wakker P. 2001. On the intuition of rank-dependent utility. J. Risk Uncertain. 23: 281-98
    • (2001) J. Risk Uncertain. , vol.23 , pp. 281-298
    • Diecidue, E.1    Wakker, P.2
  • 33
    • 81855201818 scopus 로고    scopus 로고
    • Viewing the future through a warped lens: Why uncertainty generates hyperbolic discounting
    • Epper T, Fehr-Duda H, Bruhin A. 2011a. Viewing the future through a warped lens: why uncertainty generates hyperbolic discounting. J. Risk Uncertain. 43(3): 169-203
    • (2011) J. Risk Uncertain. , vol.43 , Issue.3 , pp. 169-203
    • Epper, T.1    Fehr-Duda, H.2    Bruhin, A.3
  • 35
    • 0013311536 scopus 로고    scopus 로고
    • The independence axiom and asset returns
    • Epstein L, Zin S. 2001. The independence axiom and asset returns. J. Empir. Finance 8: 537-72
    • (2001) J. Empir. Finance , vol.8 , pp. 537-572
    • Epstein, L.1    Zin, S.2
  • 36
    • 84893904412 scopus 로고    scopus 로고
    • Rationality on the rise: Why relative risk aversion increases with stake size
    • Fehr-Duda H, Bruhin A, Epper T. 2010. Rationality on the rise: why relative risk aversion increases with stake size. J. Risk Uncertain. 40: 147-80
    • (2010) J. Risk Uncertain. , vol.40 , pp. 147-180
    • Fehr-Duda, H.1    Bruhin, A.2    Epper, T.3
  • 37
    • 33646431156 scopus 로고    scopus 로고
    • Gender, financial risk, and probability weights
    • Fehr-Duda H, de Gennaro M, Schubert R. 2006. Gender, financial risk, and probability weights. Theory Decis. 60: 283-313
    • (2006) Theory Decis , vol.60 , pp. 283-313
    • Fehr-Duda, H.1    De Gennaro, M.2    Schubert, R.3
  • 39
    • 21344454527 scopus 로고    scopus 로고
    • Options traders exhibit subadditive decision weights
    • Fox CR, Rogers BA, Tversky A. 1996. Options traders exhibit subadditive decision weights. J. Risk Uncertain. 13: 5-17
    • (1996) J. Risk Uncertain. , vol.13 , pp. 5-17
    • Fox, C.R.1    Rogers, B.A.2    Tversky, A.3
  • 40
    • 0000418866 scopus 로고
    • The utility analysis of choices involving risk
    • Friedman M, Savage L. 1948. The utility analysis of choices involving risk. J. Polit. Econ. 56: 279-304
    • (1948) J. Polit. Econ. , vol.56 , pp. 279-304
    • Friedman, M.1    Savage, L.2
  • 41
    • 0039054523 scopus 로고    scopus 로고
    • An experiment on risk taking and evaluation periods
    • Gneezy U, Potters J. 1997. An experiment on risk taking and evaluation periods. Q. J. Econ. 112: 631-45
    • (1997) Q. J. Econ. , vol.112 , pp. 631-645
    • Gneezy, U.1    Potters, J.2
  • 42
    • 58149372717 scopus 로고
    • Expression theory and the preference reversal phenomena
    • GoldsteinW, Einhorn H. 1987. Expression theory and the preference reversal phenomena. Psychol. Rev. 94: 236-54
    • (1987) Psychol. Rev. , vol.94 , pp. 236-254
    • Goldsteinw Einhorn, H.1
  • 43
    • 0033071923 scopus 로고    scopus 로고
    • On the shape of the probability weighting function
    • Gonzalez R, Wu G. 1999. On the shape of the probability weighting function. Cognit. Psychol. 38: 129-66
    • (1999) Cognit. Psychol. , vol.38 , pp. 129-166
    • Gonzalez, R.1    Wu, G.2
  • 44
    • 84861370003 scopus 로고    scopus 로고
    • Initial public offerings as lotteries: Expected skewness and first-day returns
    • Green T, Hwang B-H. 2012. Initial public offerings as lotteries: expected skewness and first-day returns. Manag. Sci. 58: 432-44
    • (2012) Manag. Sci. , vol.58 , pp. 432-444
    • Green, T.1    Hwang, B.-H.2
  • 46
    • 0000823520 scopus 로고
    • A theory of disappointment aversion
    • Gul F. 1991. A theory of disappointment aversion. Econometrica 59: 667-86
    • (1991) Econometrica , vol.59 , pp. 667-686
    • Gul, F.1
  • 48
    • 0038880221 scopus 로고
    • Towards a positive theory of preference under risk
    • ed. M Allais, O Hagen Dordrecht: D. Reidel
    • Hagen O. 1979. Towards a positive theory of preference under risk. In Expected Utility and the Allais Paradox, ed. M Allais, O Hagen, pp. 271-302. Dordrecht: D. Reidel
    • (1979) Expected Utility and the Allais Paradox , pp. 271-302
    • Hagen, O.1
  • 49
    • 12344333862 scopus 로고    scopus 로고
    • Do professional traders exhibit myopic loss aversion? An experimental analysis
    • Haigh M, List J. 2005. Do professional traders exhibit myopic loss aversion? An experimental analysis. J. Finance 60: 523-34
    • (2005) J. Finance , vol.60 , pp. 523-534
    • Haigh, M.1    List, J.2
  • 50
    • 67349232912 scopus 로고    scopus 로고
    • Strotz meets Allais: Diminishing impatience and certainty effect
    • Halevy Y. 2008. Strotz meets Allais: diminishing impatience and certainty effect. Am. Econ. Rev. 98: 1145-62
    • (2008) Am. Econ. Rev. , vol.98 , pp. 1145-1162
    • Halevy, Y.1
  • 51
    • 77953876544 scopus 로고    scopus 로고
    • The fourfold pattern of risk attitudes in choice and pricing tasks
    • Harbaugh WT, Krause K, Vesterlund L. 2010. The fourfold pattern of risk attitudes in choice and pricing tasks. Econ. J. 120: 595-611
    • (2010) Econ. J. , vol.120 , pp. 595-611
    • Harbaugh, W.T.1    Krause, K.2    Vesterlund, L.3
  • 52
    • 0000520272 scopus 로고
    • The predictive utility of generalized expected utility theories
    • Harless D, Camerer C. 1994. The predictive utility of generalized expected utility theories. Econometrica 62: 1251-89
    • (1994) Econometrica , vol.62 , pp. 1251-1289
    • Harless, D.1    Camerer, C.2
  • 53
    • 0000627719 scopus 로고
    • Investigating generalizations of expected utility theory using experimental data
    • Hey JD, Orme C. 1994. Investigating generalizations of expected utility theory using experimental data. Econometrica 62: 1291-326
    • (1994) Econometrica , vol.62 , pp. 1291-1326
    • Hey, J.D.1    Orme, C.2
  • 54
    • 30844455802 scopus 로고    scopus 로고
    • Risk aversion and incentive effects: New data without order effects
    • Holt C, Laury S. 2005. Risk aversion and incentive effects: new data without order effects. Am. Econ. Rev. 95: 902-4
    • (2005) Am. Econ. Rev. , vol.95 , pp. 902-904
    • Holt, C.1    Laury, S.2
  • 55
    • 43749099436 scopus 로고    scopus 로고
    • Non-monotonicity of the Tversky-Kahneman probability-weighting function: A cautionary note
    • Ingersoll JE. 2008. Non-monotonicity of the Tversky-Kahneman probability-weighting function: a cautionary note. Eur. Financ. Manag. 14: 385-90
    • (2008) Eur. Financ. Manag. , vol.14 , pp. 385-390
    • Ingersoll, J.E.1
  • 56
    • 0033853199 scopus 로고    scopus 로고
    • Estimating preferences under risk: The case of racetrack bettors
    • Jullien B, Salanié B. 2000. Estimating preferences under risk: the case of racetrack bettors. J. Polit. Econ. 108: 503-30
    • (2000) J. Polit. Econ. , vol.108 , pp. 503-530
    • Jullien, B.1    Salanié, B.2
  • 57
    • 0001216917 scopus 로고
    • Examining risk preferences under high monetary incentives: Experimental evidence from the People's Republic of China
    • Kachelmeier S, Shehata M. 1992. Examining risk preferences under high monetary incentives: experimental evidence from the People's Republic of China. Am. Econ. Rev. 82: 1120-41
    • (1992) Am. Econ. Rev. , vol.82 , pp. 1120-1141
    • Kachelmeier, S.1    Shehata, M.2
  • 58
    • 0009576170 scopus 로고
    • Tests of "fanning out" of indifference curves: Results from animal and human experiments
    • Kagel J, MacDonald D, Battalio R. 1990. Tests of "fanning out" of indifference curves: results from animal and human experiments. Am. Econ. Rev. 80: 912-21
    • (1990) Am. Econ. Rev. , vol.80 , pp. 912-921
    • Kagel, J.1    MacDonald, D.2    Battalio, R.3
  • 59
    • 0000125532 scopus 로고
    • Prospect theory: An analysis of decision under risk
    • Kahneman D, Tversky A. 1979. Prospect theory: an analysis of decision under risk. Econometrica 47: 263-92
    • (1979) Econometrica , vol.47 , pp. 263-292
    • Kahneman, D.1    Tversky, A.2
  • 60
    • 0002701445 scopus 로고
    • Subjectively weighted utility and the Allais paradox
    • Karmarkar US. 1979. Subjectively weighted utility and the Allais paradox. Organ. Behav. Hum. Perform. 24: 67-72
    • (1979) Organ. Behav. Hum. Perform. , vol.24 , pp. 67-72
    • Karmarkar, U.S.1
  • 61
    • 67349153873 scopus 로고    scopus 로고
    • Theories of choice under risk: Insights from financial markets
    • Kliger D, Levy O. 2009. Theories of choice under risk: insights from financial markets. J. Econ. Behav. Organ. 71: 330-46
    • (2009) J. Econ. Behav. Organ. , vol.71 , pp. 330-346
    • Kliger, D.1    Levy, O.2
  • 63
    • 35348884340 scopus 로고    scopus 로고
    • Reference-dependent risk attitudes
    • Köszegi B, Rabin M. 2007. Reference-dependent risk attitudes. Am. Econ. Rev. 97: 1047-73
    • (2007) Am. Econ. Rev. , vol.97 , pp. 1047-1073
    • Köszegi, B.1    Rabin, M.2
  • 64
    • 68249138631 scopus 로고    scopus 로고
    • Who gambles in the stock market?
    • Kumar A. 2009. Who gambles in the stock market? J. Finance 64: 1889-933
    • (2009) J. Finance , vol.64 , pp. 1889-1933
    • Kumar, A.1
  • 65
    • 14144249146 scopus 로고    scopus 로고
    • A simple test of expected utility theory using professional traders
    • List J, Haigh M. 2005. A simple test of expected utility theory using professional traders. Proc. Natl. Acad. Sci. USA 102: 945-48
    • (2005) Proc. Natl. Acad. Sci. USA , vol.102 , pp. 945-948
    • List, J.1    Haigh, M.2
  • 66
    • 21844492690 scopus 로고
    • Observing different orders of risk aversion
    • Loomes G, Segal U. 1994. Observing different orders of risk aversion. J. Risk Uncertain. 9: 239-56
    • (1994) J. Risk Uncertain. , vol.9 , pp. 239-256
    • Loomes, G.1    Segal, U.2
  • 67
    • 84960609981 scopus 로고
    • Disappointment and dynamic consistency in choice under uncertainty
    • Loomes G, Sugden R. 1986. Disappointment and dynamic consistency in choice under uncertainty. Rev. Econ. Stud. 53: 271-82
    • (1986) Rev. Econ. Stud. , vol.53 , pp. 271-282
    • Loomes, G.1    Sugden, R.2
  • 68
    • 0002737337 scopus 로고
    • Descriptive and normative implications of the decision theory postulates
    • ed. K Borch, J Mossin London: MacMillan
    • MacCrimmon K. 1968. Descriptive and normative implications of the decision theory postulates. In Risk and Uncertainty, ed. K Borch, J Mossin, pp. 3-32. London: MacMillan
    • (1968) Risk and Uncertainty , pp. 3-32
    • MacCrimmon, K.1
  • 69
    • 0003331162 scopus 로고
    • Utility theory: Axioms versus paradoxes
    • ed. M Allais, O Hagen Dordrecht: D. Reidel
    • MacCrimmon K, Larsson S. 1979. Utility theory: axioms versus paradoxes. In Expected Utility and the Allais Paradox, ed. M Allais, O Hagen, pp. 333-409. Dordrecht: D. Reidel
    • (1979) Expected Utility and the Allais Paradox , pp. 333-409
    • MacCrimmon, K.1    Larsson, S.2
  • 70
    • 0001643586 scopus 로고
    • Temporal risk and the nature of induced preferences
    • Machina M. 1984. Temporal risk and the nature of induced preferences. J. Econ. Theory 33: 199-231
    • (1984) J. Econ. Theory , vol.33 , pp. 199-231
    • MacHina, M.1
  • 71
    • 0000969565 scopus 로고
    • Choice under uncertainty: Problems solved and unsolved
    • Machina M. 1987. Choice under uncertainty: problems solved and unsolved. J. Econ. Perspect. 1(1): 121-54
    • (1987) J. Econ. Perspect. , vol.1 , Issue.1 , pp. 121-154
    • MacHina, M.1
  • 72
    • 0035642118 scopus 로고    scopus 로고
    • Payoff kinks in preferences over lotteries
    • Machina MJ. 2001. Payoff kinks in preferences over lotteries. J. Risk Uncertain. 23: 207-60
    • (2001) J. Risk Uncertain. , vol.23 , pp. 207-260
    • MacHina, M.J.1
  • 73
    • 70350633277 scopus 로고    scopus 로고
    • The equity premium puzzle: A review
    • Mehra R. 2006. The equity premium puzzle: a review. Found. Trends Finance 2(1): 1-81
    • (2006) Found. Trends Finance , vol.2 , Issue.1 , pp. 1-81
    • Mehra, R.1
  • 74
    • 34547801713 scopus 로고    scopus 로고
    • Equilibrium underdiversification and the preference for skewness
    • Mitton T, Vorkink K. 2007. Equilibrium underdiversification and the preference for skewness. Rev. Financ. Stud. 20: 1255-88
    • (2007) Rev. Financ. Stud. , vol.20 , pp. 1255-1288
    • Mitton, T.1    Vorkink, K.2
  • 75
    • 27544511772 scopus 로고    scopus 로고
    • Household portfolio diversification: A case for rank-dependent preferences
    • Polkovnichenko V. 2005. Household portfolio diversification: a case for rank-dependent preferences. Rev. Financ. Stud. 18: 1467-502
    • (2005) Rev. Financ. Stud. , vol.18 , pp. 1467-1502
    • Polkovnichenko, V.1
  • 77
    • 0001579697 scopus 로고
    • Risk aversion in the small and in the large
    • Pratt JW. 1964. Risk aversion in the small and in the large. Econometrica 32: 122-36
    • (1964) Econometrica , vol.32 , pp. 122-136
    • Pratt, J.W.1
  • 78
    • 0001750296 scopus 로고    scopus 로고
    • The probability weighting function
    • Prelec D. 1998. The probability weighting function. Econometrica 66: 497-527
    • (1998) Econometrica , vol.66 , pp. 497-527
    • Prelec, D.1
  • 79
    • 85098026848 scopus 로고    scopus 로고
    • Compound invariant weighting functions in prospect theory
    • ed. D Kahneman, A Tversky Cambridge UK: Cambridge Univ Press
    • Prelec D. 2000. Compound invariant weighting functions in prospect theory. In Choices, Values, and Frames, ed. D Kahneman, A Tversky, pp. 67-92. Cambridge, UK: Cambridge Univ. Press
    • (2000) Choices, Values, and Frames , pp. 67-92
    • Prelec, D.1
  • 80
    • 0002723339 scopus 로고
    • A theory of anticipated utility
    • Quiggin J. 1982. A theory of anticipated utility. J. Econ. Behav. Organ. 3: 323-43
    • (1982) J. Econ. Behav. Organ. , vol.3 , pp. 323-343
    • Quiggin, J.1
  • 81
    • 0000296878 scopus 로고    scopus 로고
    • Anomalies: Risk aversion
    • Rabin M, Thaler R. 2001. Anomalies: risk aversion. J. Econ. Perspect. 15(1): 219-32
    • (2001) J. Econ. Perspect. , vol.15 , Issue.1 , pp. 219-232
    • Rabin, M.1    Thaler, R.2
  • 83
    • 77955164537 scopus 로고    scopus 로고
    • Generalized disappointment aversion and asset prices
    • Routledge B, Zin S. 2010. Generalized disappointment aversion and asset prices. J. Finance 65: 1303-32
    • (2010) J. Finance , vol.65 , pp. 1303-1332
    • Routledge, B.1    Zin, S.2
  • 84
    • 77949425392 scopus 로고
    • Expo-power utility: A 'flexible' form for absolute and relative risk aversion
    • Saha A. 1993. Expo-power utility: a 'flexible' form for absolute and relative risk aversion. Am. J. Agric. Econ. 75: 905-13
    • (1993) Am. J. Agric. Econ. , vol.75 , pp. 905-913
    • Saha, A.1
  • 85
    • 84881834137 scopus 로고
    • The expected utility model: Its variants, purposes, evidence and limitations
    • Schoemaker P. 1982. The expected utility model: its variants, purposes, evidence and limitations. J. Econ. Lit. 20: 529-63
    • (1982) J. Econ. Lit. , vol.20 , pp. 529-563
    • Schoemaker, P.1
  • 86
    • 0000092680 scopus 로고
    • First order versus second order risk aversion
    • Segal U, Spivak A. 1990. First order versus second order risk aversion. J. Econ. Theory 51: 111-25
    • (1990) J. Econ. Theory , vol.51 , pp. 111-125
    • Segal, U.1    Spivak, A.2
  • 87
    • 84980136540 scopus 로고
    • Who accepts Savage's axiom?
    • Slovic P, Tversky A. 1974. Who accepts Savage's axiom? Behav. Sci. 19: 368-73
    • (1974) Behav. Sci. , vol.19 , pp. 368-373
    • Slovic, P.1    Tversky, A.2
  • 88
    • 77958486270 scopus 로고    scopus 로고
    • Explaining the favorite-longshot bias: Is it risk-love or misperceptions?
    • Snowberg E, Wolfers J. 2010. Explaining the favorite-longshot bias: Is it risk-love or misperceptions? J. Polit. Econ. 118: 723-46
    • (2010) J. Polit. Econ. , vol.118 , pp. 723-746
    • Snowberg, E.1    Wolfers, J.2
  • 89
    • 78651060269 scopus 로고    scopus 로고
    • Unifying the favorite-longshot bias with other market anomalies
    • ed. D Hausch,WZiemba Amsterdam: North Holland
    • Sobel R, RyanM. 2008. Unifying the favorite-longshot bias with other market anomalies. In Handbook of Sports and Lottery Markets, ed. D Hausch,WZiemba, pp. 137-60. Amsterdam: North Holland
    • (2008) Handbook of Sports and Lottery Markets , pp. 137-160
    • Sobel, R.1    Ryan, M.2
  • 90
    • 84873177255 scopus 로고    scopus 로고
    • Probability weighting and employee stock options
    • In Press
    • Spalt O. 2012. Probability weighting and employee stock options. J. Financ. Quant. Anal. In Press
    • (2012) J. Financ. Quant. Anal.
    • Spalt, O.1
  • 91
    • 0000268935 scopus 로고    scopus 로고
    • Developments in non-expected utility theory: The hunt for a descriptive theory of choice under risk
    • Starmer C. 2000. Developments in non-expected utility theory: the hunt for a descriptive theory of choice under risk. J. Econ. Lit. 38: 332-82
    • (2000) J. Econ. Lit. , vol.38 , pp. 332-382
    • Starmer, C.1
  • 92
    • 33646697781 scopus 로고    scopus 로고
    • Cumulative prospect theory's functional menagerie
    • Stott H. 2006. Cumulative prospect theory's functional menagerie. J. Risk Uncertain. 32: 101-30
    • (2006) J. Risk Uncertain. , vol.32 , pp. 101-130
    • Stott, H.1
  • 93
    • 0042730516 scopus 로고    scopus 로고
    • Reference-dependent subjective expected utility
    • Sugden R. 2003. Reference-dependent subjective expected utility. J. Econ. Theory 111: 172-91
    • (2003) J. Econ. Theory , vol.111 , pp. 172-191
    • Sugden, R.1
  • 94
    • 34147175838 scopus 로고    scopus 로고
    • Alternatives to expected utility: Foundations
    • Extensions, ed. S Barbera, P Hammond, C Seidl Dordrecht: Kluwer
    • Sugden R. 2004. Alternatives to expected utility: foundations. In Handbook of Utility Theory, Vol. 2: Extensions, ed. S Barbera, P Hammond, C Seidl, pp. 685-755. Dordrecht: Kluwer
    • (2004) Handbook of Utility Theory , vol.2 , pp. 685-755
    • Sugden, R.1
  • 95
    • 79952833063 scopus 로고    scopus 로고
    • (Over)insuring modest risks
    • Sydnor J. 2010. (Over)insuring modest risks. Am. Econ. J. Appl. Econ. 2: 177-99
    • (2010) Am. Econ. J. Appl. Econ. , vol.2 , pp. 177-199
    • Sydnor, J.1
  • 96
    • 31744450082 scopus 로고
    • Advances in prospect theory: Cumulative representation of uncertainty
    • Tversky A, Kahneman D. 1992. Advances in prospect theory: cumulative representation of uncertainty. J. Risk Uncertain. 5: 297-323
    • (1992) J. Risk Uncertain. , vol.5 , pp. 297-323
    • Tversky, A.1    Kahneman, D.2
  • 97
    • 79952938250 scopus 로고    scopus 로고
    • The midweight method to measure attitudes towards risk and ambiguity
    • van de Kuilen G, Wakker P. 2011. The midweight method to measure attitudes towards risk and ambiguity. Manag. Sci. 57: 582-98
    • (2011) Manag. Sci. , vol.57 , pp. 582-598
    • Van De Kuilen, G.1    Wakker, P.2
  • 100
    • 0042342620 scopus 로고    scopus 로고
    • Normal-randomness expected utility, time preference and emotional distortions
    • Walther H. 2003. Normal-randomness expected utility, time preference and emotional distortions. J. Econ. Behav. Organ. 52: 253-66
    • (2003) J. Econ. Behav. Organ. , vol.52 , pp. 253-266
    • Walther, H.1
  • 101
    • 0002569928 scopus 로고
    • The dual theory of choice under risk
    • Yaari M. 1987. The dual theory of choice under risk. Econometrica 55: 95-115
    • (1987) Econometrica , vol.55 , pp. 95-115
    • Yaari, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.