a backward stochastic differential equation and incorporates preference for the local risk of the stochastic utility … stochastic differential formulation of intertemporal recursive utility. The present class of utility functionals is generated by …

This paper derives a representation of preferences for a choice theory with vague environments; vague in the sense that … of these lotteries for each state. Thus, this paper's main departure from the standard subjective expected utility model … utility models and the behavior implied by the multiple priors models. …

Define the riskiness of a gamble as the reciprocal of the absolute risk aversion (ARA) of an individual with constant … “duality” axiom which, roughly speaking, asserts that less risk-averse individuals accept riskier gambles. The index is …

In the expected-utility theory of the monetary value of a statistical life, the so-called "dead-anyway" effect … risk increases with the initial level of risk. Their reasoning is based on differences in the marginal utility of wealth …: first, for a risk-averse individual without a bequest motive, marginal WTP for survival does increase with the level of risk …

portfolio which maximizes the expected utility from terminal wealth in incomplete markets consisting of risky assets and non …

through a checklist of desirable properties. These models are contrasted to the utility maximization model of rationality in … indifference classes increases. Checklists therefore provide a rapid procedural basis for utility maximization. …

through a checklist of desirable properties. These models are contrasted to the utility maximization model of rationality in … indifference classes increases. Checklists therefore provide a rapid procedural basis for utility maximization. …

preferences. In interior efficient allocations, agents share a common risk-adjusted prior and use the same subjective interest … rate. Interior efficient allocations and equilibria coincide with those of economies with subjective expected utility and … uncertainty shows that risk is fully insured, while uncertainty can remain fully uninsured. Pessimistic agents with Gilboa …