Browsing Department of Economics (MU) by Title "Income and Substitution Effects of Increases in Risk when Payoffs are Linear in the Random Variable"
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Income and Substitution Effects of Increases in Risk when Payoffs are Linear in the Random Variable
(Department of Economics, 2000)Payoff functions that are linear in the random variable arise in a wide variety of decision models under uncertainty. The decomposition of the effect of increased risk on decisions into income and substitution terms for ...