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January 1964 - Volume 32 Issue 1 Page 122 - 136


p.122


Risk Aversion in the Small and in the Large

John W. Pratt

Abstract

This paper concerns utility functions for money. A measure of risk aversion in the small, the risk premium or insurance premium for an arbitrary risk, and a natural concept of decreasing risk aversion are discussed and related to one another. Risks are also considered as a proportion of total assets.

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