Pratt, John W - In: Journal of Risk and Uncertainty 1 (1988) 4, pp. 395-413
The more risk-averse of two individuals need not have the smaller certainty equivalent for a risk (x" tilda") if another risk or combination of risks (w" tilda") is present. It is shown that he must, however, if either individual's conditional certainty equivalent for (x" tilda") is increasing...