Lecture 7: Risk Preferences I

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MIT 14.13 Psychology and Economics, Spring 2020
Instructor: Prof. Frank Schilbach

In this video, Prof. Schilbach describes how economics looks at risk preferences, that is, choices involving risk. Specifically, he covers the topics of risk aversion, expected utility, absurd implications, and small vs. large-scale risk aversion.

License: Creative Commons BY-NC-SA

  1. MIT OpenCourseWare
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Комментарии
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For those wondering: at 31:23 the answer should be: ACCCEPT (not reject as shown in the slide)

devonrd
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MIT professors could make wool carpeting interesting.

kagakai
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At 38:00 he describes linearity in probability, but I don't understand his explanation. He says that if something has double the chance of happening we do not double it, which is pretty standard, given the join probability formula. However multiplication IS a linear transformation. Therefore, as probability is nonlinear, as shown by a pdf, shouldn't that mean that utility should be nonlinear in probability?

Marteenez_
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I married a Latina. I have a high-risk preference..

juanriojas
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the whole math and equations on this course is ridiculous so far, i don't think there is much use to them but other than that, useful course..

ardatekoglu
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Horrible educator! I am sure he is a very smart man. But he is barely able to finish a sentence, sometimes. The whole lecture seems like an insecure student who desperately tries to show that he knows much instead of teaching what he knows. Nervously reading slides to the students as fast as one can is a habit of a bad teachers. I hope he watches these videos and tries to become better.

coomassieblue