Conditions on Risk Attitude for a Single Attribute

Conditions on Risk Attitude for a Single Attribute

For a decision problem having consequences described by a single attribute, the task of determining a utility function can be facilitated by verifying that the decision maker's risk attitude satisfies a condition such as constant risk aversion. We investigate a general class of conditions on ri...

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Veröffentlicht in:Management Science. - Institute for Operations Research and the Management Sciences, 1954. - 27(1981), 2, Seite 190-203
1. Verfasser: Harvey, Charles M. (VerfasserIn)
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 1981
Zugriff auf das übergeordnete Werk:Management Science
Schlagworte:Utility/Preference-Theory Economics Behavioral sciences Mathematics
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520 |a For a decision problem having consequences described by a single attribute, the task of determining a utility function can be facilitated by verifying that the decision maker's risk attitude satisfies a condition such as constant risk aversion. We investigate a general class of conditions on risk attitude, and show that a utility function for such a condition may exist only when the condition is of a special type. Next, we discuss and interpret conditions of this special type. Then, we define two conditions which imply that the decision maker's risk attitude satisfies a condition of this type and is represented by a generalized logarithmic utility function or a linear fractional utility function. 
540 |a Copyright 1981 The Institute of Management Sciences 
650 4 |a Utility/Preference-Theory 
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 Microeconomics  |x Economic utility  |x Utility functions 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial management  |x Financial risk 
650 4 |a Behavioral sciences  |x Psychology  |x Personality psychology  |x Psychological attitudes 
650 4 |a Behavioral sciences  |x Psychology  |x Cognitive psychology  |x Emotion  |x Emotional states  |x Ambivalence 
650 4 |a Mathematics  |x Pure mathematics  |x Calculus  |x Differential calculus  |x Differential equations 
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650 4 |a Mathematics  |x Mathematical values  |x Mathematical constants 
650 4 |a Mathematics  |x Mathematical objects  |x Mathematical intervals  |x Open intervals 
655 4 |a research-article 
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