T.B.P.L. van Riel
- Comparisons of risk aversion, with an application to bargaining
- Methods of Operations Research
- Pages (from-to)
- Document type
- Faculty of Economics and Business (FEB)
- Amsterdam School of Economics Research Institute (ASE-RI)
- Key results of Pratt (1964), and Arrow (1971), Yaari (1969), and Kihlstrom & Mirman (1974) on the comparability of the risk aversion of different decision makers, are extended to completely general consequence sets, without any restriction on the utility functions, for decision making under risk, and to topologically connected consequence spaces with continuous utility functions, for decision making under uncertainty. An application to bargaining theory is given.
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