@techreport{Franke2000Stand-12204,
  year={2000},
  series={CoFE-Diskussionspapiere / Zentrum für Finanzen und Ökonometrie},
  title={Standard Risk Aversion and the Demand for Risky Assets in the Presence of Background Risk},
  number={2000/36},
  author={Franke, Günter and Stapleton, Richard C. and Subrahmanyam, Marti G.}
}

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    <dc:contributor>Franke, Günter</dc:contributor>
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    <dcterms:title>Standard Risk Aversion and the Demand for Risky Assets in the Presence of Background Risk</dcterms:title>
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    <dcterms:abstract xml:lang="eng">We consider the demand for state contingent claims in the presence of a zero-mean, nonhedgeable background risk. An agent is defined to be generalized risk averse if he/she reacts to an increase in background risk by choosing a demand function for contingent claims with a smaller slope. We show that the conditions for standard risk aversion: positive, declining absolute risk aversion and prudence are necessary and sufficient for generalized risk aversion. We also derive anecessary and sufficient condition for the agent's derived risk aversion to increase with a simple increase in background risk.</dcterms:abstract>
    <dc:contributor>Stapleton, Richard C.</dc:contributor>
    <dc:contributor>Subrahmanyam, Marti G.</dc:contributor>
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