If a stochastically monotone aggregate of asymmetrically informed individuals' expectations of a random variable is common information, then the aggregate must be a sufficient statistic, and all the individuals must have the same relevant information and agree on their expectations. If a...

This paper defines decreasing absolute risk aversion in purely behavioral terms without any assumption of differentiability and shows that a strictly increasing and risk averse utility function with decreasing absolute risk aversion is necessarily differentiable with an absolutely continuous...