Two-moments decision models and utility-representable preferences

Ziv Bar-Shira*, Israel Finkelshtain

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

22 Scopus citations


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.

Original languageAmerican English
Pages (from-to)237-244
Number of pages8
JournalJournal of Economic Behavior and Organization
Issue number2
StatePublished - 1 Feb 1999


  • D80
  • D81
  • Location scale
  • Mean standard deviation
  • Non-expected utility


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