@article{Han2022, 
author = {Zhongyuan Han},
title = {Uncertainty, Risk Attitudes and Endogenous Authority},
year = {2022},
journal = {China Journal of Economics},
volume = {9},
number = {3},
pages = {227-251},
url = {https://www.sciopen.com/article/10.26599/CJE.2022.9300308},
doi = {10.26599/CJE.2022.9300308},
abstract = {Based on Knight's thought of uncertainty and authority, this paper provides a formal model for the issues of endogenous authority. We proved that the greater difference in risk attitude between the team members, the more likely the team would form a hierarchical structure in which the risk-taker becomes the leader and the risk-averter becomes the follower. Meanwhile, the greater difference in cognitive level between the team members, the more likely the team would form a hierarchical structure in which the member with higher cognitive level becomes the leader, and the member with lower cognitive level becomes the follower.}
}