A New Method of Estimating Risk Aversion
利用劳动供给行为证据，推导出相对风险厌恶系数的公式，并基于劳动供给弹性估计得到风险厌恶系数的均值，发现大于2需要工资增长导致劳动供给大幅减少。
I show existing evidence on labor supply behavior places an upper bound on risk aversion in the expected utility model. I derive a formula for the coefficient of relative risk aversion (γ) in terms of the ratio of the income elasticity of labor supply to wage elasticity and degree of complementarity between consumption and labor. I bound the degree of complementarity using data on consumption choices when labor supply varies across states. Using labor supply elasticity estimates, I find a mean estimate of [Formula: see text], then show generating γ > 2 requires that wage increases cause sharper labor supply reductions.