A note on concave utility functions

Mind and Society 4 (1):85-96 (2005)
Abstract
The classical theory of preference among monetary bets represents people as expected utility maximizers with concave utility functions. Critics of this account often rely on assumptions about preferences over wide ranges of total wealth. We derive a prediction of the theory that bears on bets at any fixed level of wealth, and test the prediction behaviorally. Our results are discrepant with the classical account. Competing theories are also examined in light of our data
Keywords Gambling  Risk aversion  Concave utility function  Expected utility  Prospect theory
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