What does it mean to say that a person is risk averse? Why are some people likely

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What does it mean to say that a person is risk averse? Why are some people likely to be risk averse while others are risk lovers?

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Microeconomics

ISBN: 978-0132857123

8th edition

Authors: Robert Pindyck, Daniel Rubinfeld

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Question Posted: Dec 22, 2015 02:19 AM

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What does it mean to say that a person is risk averse? Why are some people likely

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A riskaverse person has a diminishing marginal utility of income and prefers a certain incom...View the full answer

Microeconomics

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