Putting Risk in Its Proper Place
研究人们对特定彩票对的偏好，证明审慎和节制等概念可通过偏好关系完全刻画，并在期望效用框架下与效用函数的高阶导数符号等价，其简洁性便于实验检验。
This paper examines preferences toward particular classes of lottery pairs. We show how such concepts as prudence and temperance can be fully characterized by a preference relation over these lotteries. If preferences are defined in an expectedutility framework with differentiable utility, the direction of preference for a particular class of lottery pairs is equivalent to signing the n th derivative of the utility function. What makes our characterization appealing is its simplicity, which seems particularly amenable to experimentation.