Two-Moments-Decision Models and Utility-Representable Preferences

If a decision problem satisfies Meyer's location-scale condition, then any utility-representable preferences are also representable by a mean standard deviation utility function. The properties of this function are inferred from common assumptions concerning the individual's risk preferences, without relying on the expected utility model or any of its substitutes.


Issue Date:
1997
Publication Type:
Working or Discussion Paper
PURL Identifier:
http://purl.umn.edu/232802
Total Pages:
21
Series Statement:
Working Paper
9701




 Record created 2017-04-01, last modified 2017-08-29

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