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We assume that individuals have true unobservable characteristics. We adopt a Bayesian approach and use a hybrid MCMC approximation method to numerically estimate the distributions of the unobservable characteristics. We find that individuals are on average pessimistic and that pessimism and risk tolerance are positively correlated. Copyright \u00a9 2008 John Wiley &amp; Sons, Ltd.<\/jats:p>","DOI":"10.1002\/jae.1027","type":"journal-article","created":{"date-parts":[[2008,9,19]],"date-time":"2008-09-19T09:23:44Z","timestamp":1221816224000},"page":"843-860","source":"Crossref","is-referenced-by-count":23,"title":["Are risk\u2010averse agents more optimistic? 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