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On the Utility Representation of Asymmetric Single-Peaked Preferences

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  • Francisco Martínez-Mora
  • M. Socorro Puy

Abstract

We introduce two natural types of asymmetric single-peaked preferences, which we name biased-above and biased-below, depending on whether the asymmetry (or preference-bias) favors alternatives above or below the peak. We define a rich family of utility functions, the generalized distance-metric utility functions, that can represent preferences biased-above or biased-below, besides accommodating any degree of asymmetry. We also identify restrictions on differentiable utility representations that guarantee the underlying preferences to be biased-above or below, and allow to compare degrees of asymmetry. Finally, we consider a specific application -agents preferences over government size- to illustrate the role of factors such as risk aversion and tax distortions in shaping asymmetric preferences.

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File URL: http://documentos.fedea.net/pubs/dt/2011/dt-2011-03.pdf
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Paper provided by FEDEA in its series Working Papers with number 2011-03.

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Date of creation: Jan 2011
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Handle: RePEc:fda:fdaddt:2011-03

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  1. Francisco Javier Ruge-Murcia, 2001. "Inflation Targeting Under Asymmetric Preferences," IMF Working Papers 01/161, International Monetary Fund.
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