Date of this Version
Journal of Political Economy
We propose a measure of riskiness of “gambles” (risky assets) that is objective: it depends only on the gamble and not on the decision maker. The measure is based on identifying for every gamble the critical wealth level below which it becomes “risky” to accept the gamble.
Foster, D. P., & Hart, S. (2009). An Operational Measure of Riskiness. Journal of Political Economy, 117 (5), 785-814. http://dx.doi.org/10.1086/644840
Date Posted: 27 November 2017
This document has been peer reviewed.