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This paper examines preferences towards particular classes of lottery pairs. We show how concepts such as prudence and temperance can be fully characterized by a preference relation over these lotteries. If preferences are defined in an expected-utility framework with differentiable utility, the...
Persistent link: https://www.econbiz.de/10010271070
This paper examines preferences towards particular classes of lottery pairs. We show how concepts such as prudence and temperance can be fully characterized by a preference relation over these lotteries. If preferences are defined in an expected-utility framework with differentiable utility, the...
Persistent link: https://www.econbiz.de/10002757998
Persistent link: https://www.econbiz.de/10003311829
Persistent link: https://www.econbiz.de/10012415735
This paper examines preferences towards particular classes of lottery pairs. We show how concepts such as prudence and temperance can be fully characterized by a preference relation over these lotteries. If preferences are defined in an expected-utility framework with differentiable utility, the...
Persistent link: https://www.econbiz.de/10013318547
Persistent link: https://www.econbiz.de/10000507397
Persistent link: https://www.econbiz.de/10001676125
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