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.

Additional Metadata
Keywords expected utility, monotonicity, risk aversion, utility theory
Persistent URL dx.doi.org/10.1007/BF02283522, hdl.handle.net/1765/23229
Series ERIM Article Series (EAS)
Journal Annals of Operations Research
Citation
Wakker, P.P. (1989). Subjective Expected Utility with Non-Increasing Risk Aversion. Annals of Operations Research, 19(1), 219–228. doi:10.1007/BF02283522