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英文文献：Rejecting Small Gambles Under Expected Utility-拒绝低于预期效用的小赌博
英文文献作者：Ignacio Palacios-Huerta,Roberto Serrano,Oscar Volij
英文文献摘要：
This paper contributes to an important recent debate around expected utility and risk aversion. Rejecting a gamble over a given range of wealth levels imposes a lower bound on risk aversion. Using this lower bound and empirical evidence on the range of the risk aversion coefficient, we calibrate the relationship between risk attitudes over small-stakes and large-stakes gambles. We find that rejecting small gambles is consistent with expected utility, contrary to a recent literature that concludes that expected utility is fundamentally unfit to explain decisions under uncertainty. Paradoxical behavior is only obtained when calibrations are made in a region of the parameter space that is not empirically relevant.
这篇论文有助于最近关于预期效用和风险规避的重要辩论。拒绝在给定的财富水平范围内进行赌博，会降低风险厌恶程度。利用这个下界和风险厌恶系数范围的经验证据，我们校准了对小赌注和大赌注的风险态度之间的关系。我们发现，拒绝小的赌博与预期效用是一致的，与最近的文献得出的预期效用从根本上不适合解释不确定性下的决策相反。只有当校准在参数空间的区域中进行时，才会得到反常的行为，而该区域与经验无关。
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