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Literature DB >> 18213676

Explaining the characteristics of the power (CRRA) utility family.

Abstract

The power family, also known as the family of constant relative risk aversion (CRRA), is the most widely used parametric family for fitting utility functions to data. Its characteristics have, however, been little understood, and have led to numerous misunderstandings. This paper explains these characteristics in a manner accessible to a wide audience.

Mesh：

Year: 2008 PMID： 18213676 DOI： 10.1002/hec.1331

Source DB: PubMed Journal: Health Econ ISSN： 1057-9230 Impact factor: 3.046

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Cited

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Explaining the characteristics of the power (CRRA) utility family.

1. Distributions of observed death tolls govern sensitivity to human fatalities.

2. Is there empirical evidence for decreasing returns to scale in a health capital model?

3. Empirical underidentification in estimating random utility models: The role of choice sets and standardizations.

4. How to reveal people's preferences: Comparing time consistency and predictive power of multiple price list risk elicitation methods.

5. New findings from the time trade-off for income approach to elicit willingness to pay for a quality adjusted life year.

6. Risk aversion and HIV/AIDS: Evidence from Senegalese female sex workers.

7. Ambiguity preferences for health.

8. QALYs without bias? Nonparametric correction of time trade-off and standard gamble weights based on prospect theory.

9. Risk-Based Care: Let's Think Outside the Box.

10. Experience and rationality under risk: re-examining the impact of sampling experience.