Dienstag, 15. Oktober 2013

Risk as a payoff variance:

"Theory and research in behavioral ecology, economics, and psychology have converged on a conception of "risk" as a payoff variance. ... The riskier of two choices with equal expected values is that with the higher payoff variance. Preference for that option is called risk proneness or risk seeking, while preference for the low-variance option is called risk aversion."

M. Daly & M. Wilson

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