Yaari dual theory without the completeness axiom
AbstractThis note shows how Yaari’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).
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Bibliographic InfoPaper provided by ICER - International Centre for Economic Research in its series ICER Working Papers - Applied Mathematics Series with number 30-2001.
Length: 15 pages
Date of creation: Jul 2000
Date of revision: Oct 2001
Yaari’s dual theory; incomplete preferences; stochastic orders;
Other versions of this item:
- Fabio Maccheroni, 2004. "Yaari's dual theory without the completeness axiom," Economic Theory, Springer, vol. 23(3), pages 701-714, March.
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