John W. Pratt

Risk Aversion in the Small and in the Large

This paper concerns utility functions for money. A measure of risk aversion in the small, the risk premium or insurance premium for an arbitrary risk, and a natural concept of d...

Risk Aversion in the Small and in the Large

Price Differences in Almost Competitive Markets

I. Introduction, 189.—II. Equilibria in models without learning—the case of knowledge, 191.—III. Equilibrium in models with learning, 196.—IV. Empirically observed distributions...