Two-moments decision models and utility-representable preferences

Ziv Bar-Shira; Israel Finkelshtain

doi:10.1016/s0167-2681(99)00008-6

Two-moments decision models and utility-representable preferences

Ziv Bar-Shira^*
, Israel Finkelshtain

^*Corresponding author for this work

Department of Environmental Economics and Management

Research output: Contribution to journal › Article › peer-review

22 Scopus citations

Abstract

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 language	English
Pages (from-to)	237-244
Number of pages	8
Journal	Journal of Economic Behavior and Organization
Volume	38
Issue number	2
DOIs	https://doi.org/10.1016/s0167-2681(99)00008-6
State	Published - 1 Feb 1999

Keywords

D80
D81
Location scale
Mean standard deviation
Non-expected utility

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10.1016/s0167-2681(99)00008-6

Cite this

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abstract = "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.",

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KW - Non-expected utility

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Two-moments decision models and utility-representable preferences

Abstract

Keywords

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