Choice Theory: A Very Short Introduction by Michael Allingham
Author:Michael Allingham
Language: eng
Format: epub
Publisher: OUP Oxford
Published: 2002-05-05T04:00:00+00:00
10. Roulette: at Palm Beach
One resolution of this conundrum relies on the fact that you may be risk averse at some levels of wealth and risk loving at others. In particular, you may avoid risks when poor but be more prepared to take risks as you become richer. Recall that if you are risk averse then the graph of your utility schedule is concave and if you are risk loving then it is convex. However, if you are risk averse at low levels of wealth and risk loving at high levels then the graph of your utility schedule is concave at low levels and convex at high.
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