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Yaari's dual theory without the completeness axiom

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Author Info
Fabio Maccheroni ()
Abstract

This note shows how Yaari (1987)'s dual theory of choice under risk naturally extends to the case of incomplete preferences. This also provides an axiomatic characterization of a large and widely studied class of stochastic orders used to rank the riskiness of random variables or the dispersion of income distributions (including, e.g., second order stochastic dominance, dispersion, location independent riskiness, see Chateauneuf, Cohen, and Meilijson, 1997). Copyright Springer-Verlag Berlin/Heidelberg 2004

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File URL: http://hdl.handle.net/10.1007/s00199-003-0395-y
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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 23 (2004)
Issue (Month): 3 (March)
Pages: 701-714
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Handle: RePEc:spr:joecth:v:23:y:2004:i:3:p:701-714

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Related research
Keywords: Yaari's dual theory; Incomplete preferences; Stochastic orders.;

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  1. Fabio Maccheroni & Pietro Muliere & Claudio Zoli, 2005. "Inverse stochastic orders and generalized Gini functionals," Metron - International Journal of Statistics, Dipartimento di Statistica, Probabilità e Statistiche Applicate - University of Rome, vol. 0(3), pages 529-559. [Downloadable!]
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This page was last updated on 2009-12-30.

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