@booklet {siedner-romgaaa2015,
	title = {Risk of Monetary Gambles: An Axiomatic Approach},
	howpublished = {Discussion Papers},
	year = {2015},
	month = {4},
	abstract = {In this work we present five axioms for a risk-order relation defined over (monetary) gambles. We then characterize an index that satisfies all these axioms "the probability of losing money in a gamble multiplied by the expected value of such an outcome "and prove its uniqueness. We propose to use this function as the risk of a gamble. This index is continuous, homogeneous, monotonic with respect to first- and second-order stochastic dominance, and simple to calculate. We also compare our index with some other risk indices mentioned in the literature.},
	url = {/files/dp682.pdf},
	author = {Tomer Siedner}
}
