Axiomatic Reference-Dependence in Behavior toward Others and toward Risk

This paper considers the applicability of the standard separability axiom for both risk and other-regarding preferences, and advances arguments why separability might fail. An alternative axiom, which is immune to these arguments, leads to a preference representation that is additively separable in...

Ausführliche Beschreibung

Bibliographische Detailangaben
Veröffentlicht in:	Economic Theory. - Springer, 1991. - 28(2006), 3, Seite 681-692
1. Verfasser:	Neilson, William S. (VerfasserIn)
Format:	Online-Aufsatz
Sprache:	English
Veröffentlicht:	2006
Zugriff auf das übergeordnete Werk:	Economic Theory
Schlagworte:	Other-regarding preferences Risk Separability Axiomatic foundation Prospect theory D81 D64 Economics Behavioral sciences Mathematics


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100	1		\|a Neilson, William S. \|e verfasserin \|4 aut
245	1	0	\|a Axiomatic Reference-Dependence in Behavior toward Others and toward Risk
264		1	\|c 2006
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520			\|a This paper considers the applicability of the standard separability axiom for both risk and other-regarding preferences, and advances arguments why separability might fail. An alternative axiom, which is immune to these arguments, leads to a preference representation that is additively separable in a reference variable and the differences between the other variables and the reference variable. For other-regarding preferences the reference variable is the decision-maker's own payoff, and the resulting representation coincides with the Fehr-Schmidt model. For risk preferences the reference variable is initial wealth, and the resulting representation is a generalization of prospect theory.
540			\|a Copyright 2006 Springer-Verlag Berlin Heidelberg
650		4	\|a Other-regarding preferences
650		4	\|a Risk
650		4	\|a Separability
650		4	\|a Axiomatic foundation
650		4	\|a Prospect theory
650		4	\|a D81
650		4	\|a D64
650		4	\|a Economics \|x Economic disciplines \|x Financial economics \|x Finance \|x Financial analysis \|x Risk management \|x Risk aversion
650		4	\|a Economics \|x Economic disciplines \|x Financial economics \|x Finance \|x Financial investments \|x Investment returns \|x Investment return rates \|x Return on investment
650		4	\|a Behavioral sciences \|x Behavioral economics \|x Prospect theory
650		4	\|a Economics \|x Microeconomics \|x Economic utility \|x Expected utility
650		4	\|a Economics \|x Microeconomics \|x Economic utility \|x Utility functions
650		4	\|a Mathematics \|x Mathematical expressions \|x Axioms
650		4	\|a Economics \|x Economic disciplines \|x Financial economics \|x Finance \|x Financial analysis \|x Risk management \|x Risk preferences \|x Risk aversion preference
650		4	\|a Economics \|x Economic disciplines \|x Financial economics \|x Finance \|x Financial analysis \|x Risk management \|x Risk preferences
650		4	\|a Mathematics \|x Pure mathematics \|x Linear algebra \|x Vector analysis \|x Vector operations \|x Scalars
650		4	\|a Mathematics \|x Applied mathematics \|x Game theory
655		4	\|a research-article
773	0	8	\|i Enthalten in \|t Economic Theory \|d Springer, 1991 \|g 28(2006), 3, Seite 681-692 \|w (DE-627)235503665 \|w (DE-600)1398355-6 \|x 14320479 \|7 nnns
773	1	8	\|g volume:28 \|g year:2006 \|g number:3 \|g pages:681-692
856	4	0	\|u https://www.jstor.org/stable/25056097 \|3 Volltext
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952			\|d 28 \|j 2006 \|e 3 \|h 681-692