Baillon, Aurélien; Driesen, Bram; Wakker, Peter P. - In: Games and Economic Behavior 75 (2012) 2, pp. 481-489
This paper presents a general technique for comparing the concavity of different utility functions when probabilities need not be known. It generalizes: (a) Yaariʼs comparisons of risk aversion by not requiring identical beliefs; (b) Kreps and Porteusʼ information-timing preference by not...