Fudenberg, Drew; Corrao, Roberto; Levine, David - 2023
This note discusses functions over lotteries that are concave and continuous, but not necessarily superdifferentiable. Machina [1984] and Maccheroni [2002]’s analyses of utility functions over lotteries and the statement of Theorem 2 in Frankel and Kamenica [2019]’s proposed measure of...