a lottery, and (d) multi-valued mappings that yield the acceptance set of lotteries corresponding to an outcome. Their …

-valued mappings that yield the acceptance set of lotteries corresponding to an outcome. Our duality results establish that the usual … yield the acceptance set of lotteries corresponding to an outcome. Our duality results establish that the usual mappings …, acceptance set 1 Introduction The theory of risk aversion (Arrow [1], Pratt [19], Yaari [22]) is one of the most useful …

, vector space of outcomes, acceptance set, vector-v alued risk premia, vector- valued Arro w-Pratt coefficien t, Pettis … acceptance set asso ciated with x and u. A(x; u) may be interpreted as the set of lotteries that utilit y function u would accept …