## Aspects of the theory of risk-bearing |

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a1 is preferred absolute risk aversion action a2 action which yields assume assumption behaviour under uncertainty Bernoulli Bruno de Finetti cash balances choice among actions common stocks Conditional Preference conditional probability distributions conse consumer's demand Daniel Bernoulli decreasing absolute risk define demand for cash distribution of consequences economic system equally probable events expected utility hypothesis expected value expected-utility hypothesis finite number forward contracts Frank Ramsey gamble given Helsinki implies increases with wealth increasing relative risk individual initial wealth investment James Tobin John von Neumann K.J. Arrow lecture limited marginal utility ordering Oskar Morgenstern partition Petersburg paradox positive constant possible preferred or indifferent preferred to a2 quence Ramsey random variable rate of return relative risk aversion risk-bearing risk-shifting risky asset secure asset shifting of risks shifting risks Suppose theories of behaviour theory of choice tion unconditional utility of wealth wealth elasticity Yrjo Jahnsson Z P(Et