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Probabilistic risk aversion with an arbitrary outcome set

This paper analyzes risk aversion when outcomes/consequences may not be measurable in monetary terms and people have fuzzy preferences over lotteries, i.e. they choose in a probabilistic manner. The paper shows that comparative risk aversion is well defined in a constant error/tremble model but not in a strong utility model.
Year of publication:
2011
Authors: Blavatskyy, Pavlo R.
Published in:
Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 112.2011, 1, p. 34-37
Publisher: Elsevier
Keywords: Risk aversion More risk averse than Probabilistic choice Strong utility model Fechner model Luce choice model
Type of publication: Article
Source:
Persistent link: https://www.econbiz.de/10009146126
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