Liebrich, Felix-Benedikt; Munari, Cosimo - In: Mathematics and Financial Economics 16 (2022) 3, pp. 447-480
We establish general "collapse to the mean" principles that provide conditions under which a law-invariant functional reduces to an expectation. In the convex setting, we retrieve and sharpen known results from the literature. However, our results also apply beyond the convex setting. We...