Statistics Papers

Document Type

Journal Article

Date of this Version

10-2009

Publication Source

Journal of Political Economy

Volume

117

Issue

5

Start Page

785

Last Page

814

DOI

10.1086/644840

Abstract

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.

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Date Posted: 27 November 2017

This document has been peer reviewed.