Adaptive risk assessments
研究决策者通过付出成本调整风险评估来优化风险前景价值，并发现适应性风险评估会削弱货币激励对努力的影响，对委托代理问题有重要启示。
We model a decision maker who can exert costly effort to adapt her risk assessments, thereby optimizing the value of her risky prospects. We provide an axiomatic characterization of the model and show how costs of adaption can be elicited and compared across individuals. In a moral hazard problem, we show that adapting risk assessments can weaken the effect of monetary incentives for effort provision, which has important implications for agency problems. We provide several examples to illustrate how adapting risk assessments can rationalize many well-known choice anomalies.