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Calibration Results for Incomplete Preferences

Author

Listed:
  • Zvi Safra
  • Uzi Segal

Abstract

In this work we demonstrate that incomplete expected utility preferences are susceptible to criticism similar to that addressed at their complete analogues: even a modest degree of risk aversion in the small is sufficient to imply extreme and unreasonable degree of risk aversion in the large. Our results thus shed doubt on the usefulness of incomplete expected utility preferences for practical and theoretical purposes. JEL Codes: D81.

Suggested Citation

  • Zvi Safra & Uzi Segal, 2020. "Calibration Results for Incomplete Preferences," Revue économique, Presses de Sciences-Po, vol. 71(2), pages 323-330.
    • Handle: RePEc:cai:recosp:reco_712_0323
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    Cited by:

    1. Balter, Anne G. & Chau, Ki Wai & Schweizer, Nikolaus, 2022. "Rabin’s calibration theorem revisited," Economics Letters, Elsevier, vol. 210(C).

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    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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