Generalized Disappointment Aversion and Asset Prices
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We provide an axiomatic model of preferences over atemporal risks that generalizes Gul (1991) A Theory of Disappointment Aversion' by allowing risk aversion to be first order' at locations in the state space that do not correspond to certainty. Since the lotteries being valued by an agent in an
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美国国家经济研究局创建时间：
2003-11-01
