It is well-known that various criteria for comparing aversion to real-outcome risks are equivalent. Some of this theory has been extended to Euclidean-outcome risks. We extend it further by:(a) filling the conceptual gaps, most notably by providing a criterion using our generalized Arrow-Pratt...

Given a set of vector outcomes and the set of lotteries over it, we define sets of (a) von Neumann-Morgenstern representations of cardinal preferences over the lotteries, (b) mappings that yield the certainty equivalent outcomes corresponding to a lottery, (c) mappings that yield the risk premia...

Given a utility defined on a Hilbert outcome space, we define at each outcome a generalized Arrow-Pratt (GAP) coefficient belonging to the Hilbert space. Comparing the risk aversion of such utilities using their GAP coefficients is equivalent to doing so in terms of other standard,...

We study a model for evaluating an organisation’s design wherein its principal (a) delegates outcome-determining tasks to agents with heterogeneous preferences, (b) guides their performance of these tasks via action recommendations, and (c) is better informed than the agents about the state of...

The central results of this paper are dualities between actions in a decision problem that are not strongly (resp., weakly) dominated over a state space and actions that are best (resp., internal-best) replies to a state. These results hold for action and state spaces that are subsets of...

We consider organizations with a single principal and many agents who interact in an environment with the following features -- (a) Nature im-perfectly informs the principal via a state-contingent signal, but not the agents, about the state of the world, (b) the principal selectively shares this...

We study an incomplete information, non-cooperative model of the determination of national emission endowments under a Kyoto type protocol with heterogeneous nations. The model generates a link between national types and equilibrium na-tional emission caps. We analyze this link to (a) derive the...