Risk Attitudes and Risk Dominance in the Long Run
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Author / Producer
Date
2019-07
Publication Type
Journal Article
ETH Bibliography
yes
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Abstract
This paper investigates the role that risk attitudes play in the evolution of conventions in the long run. Risk aversion is shown to be associated with the evolution of maximin conventions, and risk seeking with the evolution of payoff dominant conventions.
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Publication status
published
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Editor
Book title
Journal / series
Volume
116
Pages / Article No.
179 - 184
Publisher
Elsevier
Event
Edition / version
Methods
Software
Geographic location
Date collected
Date created
Subject
Evolution; conventions; risk attitudes; loss aversion; concave utility; state dependence
Organisational unit
03784 - Helbing, Dirk / Helbing, Dirk
Notes
Funding
324247 - Modeling the Emergence of Social Complexity and Order: How Individual and Societal Complexity Co-Evolve (EC)