Risk Averters that Love Risk? Marginal Risk Aversion in Comparison to a Reference Gamble
区分了标准风险厌恶和边际风险厌恶，通过田野实验发现个体在评估边际风险时会参考一个赌博，且对均值和方差变化的反应几乎相同，说明需要同时考虑两种风险厌恶才能准确建模行为。
Abstract We propose an analytical distinction between standard risk aversion based on the valuation of a single gamble and marginal risk aversion based on the change in valuation between two gambles. We measure marginal risk aversion in two dimensions—mean and variance. Data from a field experiment is used to study marginal risk aversion. Our results suggest that individuals rely on a reference gamble when assessing marginal risk. Individual responses to marginal changes in mean and variance are nearly identical in direction and magnitude—suggesting that information on both standard and marginal risk aversion is needed to accurately model behavior.