Probabilistic risk aversion with an arbitrary outcome set
This paper analyzes risk aversion when outcomes/consequences may not be measurable in monetary terms and people have fuzzy preferences over lotteries, i.e. they choose in a probabilistic manner. The paper shows that comparative risk aversion is well defined in a constant error/tremble model but not in a strong utility model.
Year of publication: |
2011
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---|---|
Authors: | Blavatskyy, Pavlo R. |
Published in: |
Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 112.2011, 1, p. 34-37
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Publisher: |
Elsevier |
Keywords: | Risk aversion More risk averse than Probabilistic choice Strong utility model Fechner model Luce choice model |
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