How might you go about finding out level of risk aversion, Microeconomics

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How might you go about finding out level of risk aversion

Problem

Sketch and explain a diagram to show how concavity of the Bernoulli utility function corresponds to risk aversion. How might you go about finding out the level of risk aversion for a person or a group of people? What kind of economic policy problems would that be useful for?

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Microeconomics: How might you go about finding out level of risk aversion

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Microeconomics: How might you go about finding out level of risk aversion

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