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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/18826| Title: | Putting risk in its proper place |
| Keywords: | D81 ddc:330 properness prudence risk apportionment risk aversion stochastic dominance temperance utility premium Risikoaversion Risikopräferenz Erwartungsnutzen Theorie |
| Issue Date: | 16-Oct-2013 |
| Publisher: | |
| Description: | 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 direction of preference for a particular class of lottery pairs is equivalent to signing the nth derivative of the utility function. What makes our characterization appealing is its simplicity, which seems particularly amenable to experimentation. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/18826 |
| Other Identifiers: | http://hdl.handle.net/10419/18826 ppn:485196271 |
| Appears in Collections: | EconStor |
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