Subjective Expected Utility with Non-Increasing Risk Aversion
December 1989
Article
volume 19, issue 1 pp 219-228.
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It is shown that assumptions about risk aversion, usually studied under the pre-supposition of expected utility maximization, have a surprising extra merit at an earlier stage of the measurement work: together with the sure-thing principle, these assumptions imply subjective expected utility maximization for monotonic continuous weak orders.
Keywords
Automatically Extracted Terms
- risk aversion
- aversion
- theorem
- utility
- sure-thing principle
- function
- nonincreasing risk aversion
- wakker
- model
- nonincreasing
- condition
- relation
- sure-thing
- principle
- preference
- state
- utility model
- utility maximization
- preference relation k
- seu model
