Risk Averse Contract Interpretation
In: Law and Contemporary Problems, Band 82, Heft 4
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In: Law and Contemporary Problems, Band 82, Heft 4
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In: Eastern economic journal: EEJ, Band 33, Heft 4, S. 471-490
ISSN: 1939-4632
In: The Delphic Oracle on Europe, S. 165-180
In: Decision sciences, Band 23, Heft 4, S. 1003-1008
ISSN: 1540-5915
ABSTRACTSecond‐order stochastic dominance is used to determine preferences among various investments for any risk‐averse decision maker. On the other hand, when faced with choosing between different insurance policies or disaster plans, a risk‐averse decision maker should use a type of stochastic dominance called variability ordering. In this situation, second‐order stochastic dominance has been used in previous research and is incorrect.
In: The Rand journal of economics, Band 18, Heft 3, S. 428
ISSN: 1756-2171
In: Economica, Band 50, Heft 200, S. 477
In: European foreign affairs review, Band 15, Heft 4, S. 411-426
ISSN: 1875-8223
This article makes the hypothesis that the European Union (EU) is a political actor whose identity and strategy on the international field are based on a strong aversion towards risk. In order to follow this hypothesis, we will define the exact meaning of a Risk Averse Power (RAP). Roughly speaking, an RAP can be defined as an international actor that defines and responds to the political stakes of a given identified risk in terms of a will to reduce its uncertainties and uncontrollable effects. Then, in the absence of any existing composite index, we propose five criteria for measuring this risk aversion: job loss risk, biotechnology risks, climate change risk, financial risks, and risk of war. In the next section, we attempt to explain why Europe is risk averse, through various factors: Europe's non-state construction, the existence of a deliberative European political space, Europe's social model aiming towards market risk minimization, and, finally, the end of the need for an Empire. Finally, we determine the broader implications of risk aversion for Europe as a global actor.
This article makes the hypothesis that the European Union (EU) is a political actor whose identity and strategy on the international fi eld are based on a strong aversion towards risk. In order to follow this hypothesis, we will defi ne the exact meaning of a Risk Averse Power (RAP). Roughly speaking, an RAP can be defi ned as an international actor that defi nes and responds to the political stakes of a given identifi ed risk in terms of a will to reduce its uncertainties and uncontrollable effects. Then, in the absence of any existing composite index, we propose fi ve criteria for measuring this risk aversion: job loss risk, biotechnology risks, climate change risk, fi nancial risks, and risk of war. In the next section, we attempt to explain why Europe is risk averse, through various factors: Europe's non-state construction, the existence of a deliberative European political space, Europe's social model aiming towards market risk minimization, and, fi nally, the end of the need for an Empire. Finally, we determine the broader implications of risk aversion for Europe as a global actor.
BASE
This article makes the hypothesis that the European Union (EU) is a political actor whose identity and strategy on the international fi eld are based on a strong aversion towards risk. In order to follow this hypothesis, we will defi ne the exact meaning of a Risk Averse Power (RAP). Roughly speaking, an RAP can be defi ned as an international actor that defi nes and responds to the political stakes of a given identifi ed risk in terms of a will to reduce its uncertainties and uncontrollable effects. Then, in the absence of any existing composite index, we propose fi ve criteria for measuring this risk aversion: job loss risk, biotechnology risks, climate change risk, fi nancial risks, and risk of war. In the next section, we attempt to explain why Europe is risk averse, through various factors: Europe's non-state construction, the existence of a deliberative European political space, Europe's social model aiming towards market risk minimization, and, fi nally, the end of the need for an Empire. Finally, we determine the broader implications of risk aversion for Europe as a global actor.
BASE
In: Economica, Band 72, Heft 287, S. 375-396
ISSN: 1468-0335
Individuals' preferences for risk and inequality are measured through choices between imagined societies and lotteries. The median relative risk aversion, which is often seen to reflect social inequality aversion, is between 2 and 3. Most people are also found to be individually inequality‐averse, reflecting a willingness to pay for living in a more equal society. Left‐wing voters and women are both more risk and inequality‐averse than others. The model allows for non‐monotonic SWFs, implying that welfare may decrease with an individual's income at high‐income levels, which is illustrated in simulations based on the empirical results.
In: Humanity at Risk : The Need for Global Governance
In: The B.E. journal of theoretical economics, Band 10, Heft 1
ISSN: 1935-1704
This paper studies the effects of principal's risk aversion on principal-agent relationship under hidden information. It finds that the agent's equilibrium effort increases and approaches the efficient level as the principal's risk aversion increases and tends to infinity. Allowing for random participation by the agent, his effort can be efficient even when the principal's risk aversion is finite. For the case of common agency with random participation, it is optimal for the principals to make the agent the residual claimant on profits and the principals' net profits monotonically decrease to zero when their risk aversion tends to infinity.
In: Journal of international economics, Band 89, Heft 2, S. 317-330
ISSN: 0022-1996
In: Lecture notes in economics and mathematical systems 597