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On the utility representation of asymmetric single-peaked preferences*

Mora, Francisco Martinez; Puy, M. Socorro - Department of Economics, Leicester University - 2011

We introduce two natural types of asymmetric single-peaked preferences, which we name biased-above and biased-below, depending on whether the asymmetry (or preference-bias) favors alternatives above or below the peak. We de.ne a rich family of utility functions, the generalized distance-metric...

Persistent link: https://www.econbiz.de/10008800208

Commitment through risk

Kylymnyuk, Dmytro; Wagner, Alexander K. - In: Economics Letters 116 (2012) 3, pp. 295-297

time-inconsistency. Comparing the effects of time-inconsistency, risk aversion and prudence, we formulate an intuitive …

Persistent link: https://www.econbiz.de/10010594148

A Good Sign for Multivariate Risk Taking

Eeckhoudt, Louis; Rey, Béatrice; Schlesinger, Harris - In: Management Science 53 (2007) 1, pp. 117-124

Decisions under risk are often multidimensional, where the preferences of the decision maker depend on several attributes. For example, an individual might be concerned about both her level of wealth and the condition of her health. Many times the signs of successive cross-derivatives of a...

Persistent link: https://www.econbiz.de/10009192018

Mean-Variance-Skewness Portfolio Performance Gauging: A General Shortage Function and Dual Approach

Briec, Walter; Kerstens, Kristiaan; Jokung, Octave - In: Management Science 53 (2007) 1, pp. 135-149

principle, information can be retrieved about the revealed risk aversion and prudence of investors. An empirical section on a …

Persistent link: https://www.econbiz.de/10009197776

Risk and Choice: A Research Saga

Gollier, Christian; Hammitt, James; Treich, Nicolas - Institut d'Économie Industrielle (IDEI), Toulouse … - 2013

As in any research field, risk theory has its important questions, results, and paradoxes, as well as its seminal papers and key authors. Louis Eeckhoudt has been a key author in the field of risk theory. To celebrate his many contributions and continue the development of theories of decision...

Persistent link: https://www.econbiz.de/10010968958

Higher-order Risk Preferences in Social Settings - An Experimental Analysis

Heinrich, Timo; Mayrhofer, Thomas - Rheinisch-Westfälisches Institut für … - 2014

We study higher-order risk preferences, i.e. prudence and temperance, next to risk aversion in social settings … decision maker. However, we do not observe an influence of social settings on prudence and temperance. Our results reveal that …

Persistent link: https://www.econbiz.de/10010934833

Does the optimal size of a fish stock increase with environmental uncertainties?

Kapaun, Ute; Quaas, Martin F. - Institut für Volkswirtschaftslehre, … - 2012

of uncertainty on the optimal size of a fish stock is ambiguous, depending on the prudence of the value function. For the …

Persistent link: https://www.econbiz.de/10010954808

Joint measurement of risk aversion, prudence, and temperance

Ebert, Sebastian; Wiesen, Daniel - In: Journal of Risk and Uncertainty 48 (2014) 3, pp. 231-252

Risk aversion—but also the higher-order risk preferences of prudence and temperance—are fundamental concepts in the … study of economic decision making. We propose a method to jointly measure the intensity of risk aversion, prudence, and … compensations with a price list technique. We find evidence for risk aversion, prudence, and temperance. These traits correlate …

Persistent link: https://www.econbiz.de/10010987807

Risk and choice: A research saga

Gollier, Christian; Hammitt, James; Treich, Nicolas - In: Journal of Risk and Uncertainty 47 (2013) 2, pp. 129-145

The economic theory of decision making under risk has seen remarkable advances over the 50 years since Pratt’s (1964) characterization of risk aversion under expected utility. We review developments in three key areas to which Louis Eeckhoudt has made significant contributions: (1) increases...

Persistent link: https://www.econbiz.de/10010987821

Environmental auditing in management systems and public policy

Sinclair-Desgagné, Bernard; Gabel, H. Landis - 1997

an environmental audit and the size of the expected wage in this case depend crucially on whether the agent's prudence …

Persistent link: https://www.econbiz.de/10011608277