The participation puzzle with reference-dependent expected utility preferences

Wang, JL; Liu, LQ; Neilson, WS

Wang, JL (corresponding author), Nanjing Univ Aeronaut & Astronaut, Coll Econ & Management, Nanjing 211106, Peoples R China.

INSURANCE MATHEMATICS & ECONOMICS, 2020; 93 (): 278

Abstract

Expected utility theory with a smooth utility function predicts that, when allocating wealth between a risky and a riskless asset, investors allocate ......

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