Asset Integration and Attitudes toward Risk: Theory and Evidence
通过丹麦实验对象的财富数据，发现小赌注选择与部分资产整合一致，而非完全整合，为支付校准悖论提供了建设性解决方案。
We provide evidence that choices over small stakes bets are consistent with assumptions of some payoff calibration paradoxes. We then exploit the existence of detailed information on individual wealth of our experimental subjects in Denmark, and directly estimate risk attitudes and the degree of asset integration. We discover that behavior is consistent with partial, rather than full, asset integration. The implied risk attitudes from estimating these specifications indicate risk premia and certainty equivalents that are a priori plausible. This theory and evidence suggest one constructive solution to payoff calibration paradoxes.