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On Professor Kohn and Expected Utility: Correction and Clarification-Rejoinder

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  • Robert E. Kohn

Abstract

Professor Horowitz correctly identifies the limitation of my assuming separable utility functions to derive a marginal condition for efficiency under uncertainty. Correction this limitation, he provides a simple but powerful condition that encompasses the nonseparable as well as the separable case. This condition replaces the dubious Equation (14) derived in Kohn (1999). In a departure from von Neumann-Morgenstern theory, for cases in which the decisions of a risk-averse community are compared with those it would make were it risk-neutral, it is proposed here that the same utility function holds for risk-neutrality as for risk-aversion, but that the stochastic quantities be replaced by their expected value in the former. [Q25]

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  • Robert E. Kohn, 2001. "On Professor Kohn and Expected Utility: Correction and Clarification-Rejoinder," International Economic Journal, Taylor & Francis Journals, vol. 15(2), pages 57-62, June.
    • Handle: RePEc:taf:intecj:v:15:y:2001:i:2:p:57-62
    DOI: 10.1080/10168730100000036
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    References listed on IDEAS

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    1. Robert E. Kohn, 1998. "Pollution and the Firm," Books, Edward Elgar Publishing, number 1313.
    2. Robert Kohn, 1999. "Risk-Neutrality versus Risk A version in a Model of Production Efficiency under Uncertainty," International Economic Journal, Taylor & Francis Journals, vol. 13(1), pages 71-79.
    3. Horowitz Ira, 2001. "On Professor Kohn and Expected Utility: Correction and Clarification," International Economic Journal, Taylor & Francis Journals, vol. 15(2), pages 51-56, June.
    4. Ira Horowitz & R. Horowitz, 1999. "Risky Assets and the Choice of Tax Base," Public Finance Review, , vol. 27(5), pages 467-480, September.
    5. Ira Horowitz, 1970. "Nondogmatic Conjectures In A Cournot Market," Economic Inquiry, Western Economic Association International, vol. 8(1), pages 73-85, March.
    6. Ira Horowitz, 1963. "Research Inclinations of a Cournot Oligopolist," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 30(2), pages 128-130.
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