Utility is the fundamental variable thought to underlie economic choices. In particular, utility functions are believed to reflect preferences toward risk, a key decision variable in many real-life ...

Hyperbolic Absolute Risk Aversion (HARA) describes a family of utility functions where individuals' tolerance for risk is proportional to their wealth level. HARA utility functions provide a ...

Moreover, it may be difficult to determine exactly what those stakes are (and perhaps to obtain accurate information about the expert's utility function). This creates somewhat of a dilemma for ...