AUSI expected utility: An anticipated utility theory of relative disappointment aversion
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چکیده
منابع مشابه
AUSI expected utility: An anticipated utility theory of relative disappointment aversion
In this paper we provide an axiomatization for a representation of preferences over lotteries that is only one parameter richer than expected utility. Our model is a special case of Rank-Dependent Expected Utility. Moreover, we show that the same restriction on this parameter is required for: risk aversion; intuitive comparative static results for a reasonably general class of economically inte...
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One of the surprises that came with the development and applications of expected utility theory to economics was the realization that risk aversion alone does not give rise to precautionary saving. As modeled by Leland (1968), precautionary saving was interpreted as an increase in saving in the current period if future income has the same mean but becomes less certain. Leland found that existen...
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ژورنال
عنوان ژورنال: Journal of Economic Behavior & Organization
سال: 1998
ISSN: 0167-2681
DOI: 10.1016/s0167-2681(98)00094-8