New title: “Testing theories of financial decision making” Published in the Proceedings of the National Academy of Sciences, Volume 113, Number 15; April 12, 2016. TESTABLE IMPLICATIONS OF TRANSLATION INVARIANCE AND HOMOTHETICITY: VARIATIONAL, MAXMIN, CARA AND CRRA PREFERENCES

Testable Implications of Translation Invariance and Homotheticity: Variational, Maxmin, CARA and CRRA preferences

We describe the observable content of some of the most widely used models of decision under uncertainty: models of translation invariant preferences. In particular, we characterize the models of variational, maxmin, CARA and CRRA utilities. In each case we present a revealed preference axiom that is satisfied by a dataset if and only if the dataset is consistent with the corresponding utility r...

Division of the Humanities and Social Sciences California Institute of Technology Pasadena, California 91125 Testable Implications of Translation Invariance and Homotheticity: Variational, Maxmin, Cara and Crra Preferences

We provide revealed preference axioms that characterize models of translation invariant preferences. In particular, we characterize the models of variational, maxmin, CARA and CRRA utilities. In each case we present a revealed preference axiom that is satisfied by a dataset if and only if the dataset is consistent with the corresponding utility representation. Our results complement traditional...

Online Appendix: Testable Implications of Translation Invariance and Homotheticity: Variational, Maxmin, Cara and Crra Preferences

Gains from diversification on convex combinations: A majorization and stochastic dominance approach

By incorporating both majorization theory and stochastic dominance theory, this paper presents a general theory and a unifying framework for determining the diversification preferences of risk-averse investors and conditions under which they would unanimously judge a particular asset to be superior. In particular, we develop a theory for comparing the preferences of different convex combination...

Improved immunogenicity of tetanus toxoid by Brucella abortus S19 LPS adjuvant.

BACKGROUND Adjuvants are used to increase the immunogenicity of new generation vaccines, especially those based on recombinant proteins. Despite immunostimulatory properties, the use of bacterial lipopolysaccharide (LPS) as an adjuvant has been hampered due to its toxicity and pyrogenicity. Brucella abortus LPS is less toxic and has no pyrogenic properties compared to LPS from other gram negati...