A Generalization of Pratt-Arrow Measure to Nonexpected-Utility Preferences and Inseparable Probability and Utility
The Pratt-Arrow measure of local risk aversion is generalized for the n-dimensional state-preference model of choice under uncertainty in which the decision maker may have inseparable subjective probabilities and utilities, unobservable stochastic prior wealth, and/or smooth nonexpected-utility pref...
| Veröffentlicht in: | Management Science. - Institute for Operations Research and the Management Sciences, 1954. - 49(2003), 8, Seite 1089-1104 |
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| Format: | Online-Aufsatz |
| Sprache: | English |
| Veröffentlicht: |
2003
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| Zugriff auf das übergeordnete Werk: | Management Science |
| Schlagworte: | Criteria for Decision Making under Risk and Uncertainty Risk Aversion Uncertainty Aversion Expected-Utility Theory Nonexpected-Utility Smooth Preferences Economics Business |
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