Working paper

Risk and Choice: A Research Saga

Christian Gollier, James K. Hammitt, and Nicolas Treich


As in any research field, risk theory has its important questions, results, and paradoxes, as well as its seminal papers and key authors. Louis Eeckhoudt has been a key author in the field of risk theory. To celebrate his many contributions and continue the development of theories of decision making under risk, the Toulouse School of Economics hosted “Risk and choice: A conference in honor of Louis Eeckhoudt” July 12- 13, 2012. This paper presents some of Eeckhoudt’s main contributions to the literature, and provides some illustrations of the remarkable research saga in risk theory over the last 50 years since Pratt’s (1964) characterization of risk aversion under expected utility.


Risk aversion; prudence; risk; self-protection; insurance; portfolio choice; expected utility;

JEL codes

  • D81: Criteria for Decision-Making under Risk and Uncertainty

Replaced by

Christian Gollier, James K. Hammitt, and Nicolas Treich, Risk and choice: A research saga, Journal of Risk and Uncertainty, vol. 47, n. 2, October 2013, pp. 129–145.

See also

Published in

TSE Working Paper, n. 13-444, July 2013