Anomalies: Risk Aversion
指出预期效用理论中基于财富效用函数凹性的风险厌恶解释在中等赌注下不成立，因为微小的风险厌恶需要极度凹性函数，这会导致对大赌注的荒谬风险厌恶，并提出损失厌恶和心理账户是更好的解释。
Economists ubiquitously employ a simple and elegant explanation for risk aversion: It derives from the concavity of the utility-of-wealth function within the expected-utility framework. We show that this explanation is not plausible in most applications, since anything more than economically negligible risk aversion over moderate stakes requires a utility-of-wealth function that is so concave that it predicts absurdly severe risk aversion over very large stakes. We present examples of how the expected-utility framework has misled economists, and why we believe a better explanation for risk aversion must incorporate loss aversion and mental accounting.