&Omega. CERTAINTY EQUIVALENTS. I don't want people to think I'm obsessed with my web-log adventures, and I'm a bit proud of being able to come up with detailed class notes while under pressure, so if you want to see what my regular work involves, click here to find a correction to the text I'm using in my PhD class. This web-log business does help me to realize that our standard treatment of risk aversion in economics (as arising from concave utility) doesn't capture everything; my main problem these days is being on edge from having to be ready to respond quickly to new situations, a consideration absent from the standard approach. It wouldn't be hard to model, though (a possible dissertation topic for someone, if some empirical work is included?).

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