TY  - JOUR
PY  - 2013//
TI  - Risk and choice: A research saga
JO  - Journal of risk and uncertainty
A1  - Treich, Nicolas
A1  - Hammitt, James K.
A1  - Gollier, Christian
SP  - 129
EP  - 145
VL  - 47
IS  - 2
N2  - The economic theory of decision making under risk has seen remarkable advances over the 50 years since Pratt's (1964) characterization of risk aversion under expected utility. We review developments in three key areas to which Louis Eeckhoudt has made significant contributions: (1) increases in risk and risk taking; (2) self-protection and risk aversion; and (3) higher (and lower) order derivatives of utility. For each, we identify seminal papers, puzzles, and recent developments. The saga of research on these topics reveals that important contributions were made long ago and yet significant gains in understanding continue to be made. Recent advances often have roots in early results and researchers can profit by examining the old as well as the new papers.<p />  <p>Language: en</p>
LA  - en
SN  - 0895-5646
UR  - http://dx.doi.org/10.1007/s11166-013-9175-7
ID  - ref1
ER  -