A Schur concave characterization of risk aversion for non-expected utility preferences

Article Abstract:

Machina's results on stochastic dominance, individual risk aversion and comparative risk aversion are generalized in the analysis. A characterization of risk aversion for compact continuous, non-expected utility preference expressed in terms of the movement of its marginal rate of income substitution across different states is presented. This is done to provide for the necessary conditions for risk aversion of Gateau differentiable preferences.

Risk (Economics)

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A unifying approach to axiomatic non-expected utility theories: correction and comment

Article Abstract:

An evaluation of research on expected utility theory is presented. Earlier research attempted to establish a unifyingaxiomatic framework for theory utilizations with an extension of additive utility representation. The approach aimed to subdue the independence axiom. Itis shown that despite minor problems, a central unfying proposition may be valid after setting minor modifications.

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Recursive multiple-priors

Article Abstract:

Ambiguous dynamic behavior can be described using recursive utility functions.

United States, Science & research, Behavior Theory, Models, Usage, Human behavior, Recursive functions, Human acts, Human behaviour

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