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Uncertainty averse preferences

Author

Listed:
  • Cerreia-Vioglio, S.
  • Maccheroni, F.
  • Marinacci, M.
  • Montrucchio, L.

Abstract

We study uncertainty averse preferences, that is, complete and transitive preferences that are convex and monotone. We establish a representation result, which is at the same time general and rich in structure. Many objective functions commonly used in applications are special cases of this representation.

Suggested Citation

  • Cerreia-Vioglio, S. & Maccheroni, F. & Marinacci, M. & Montrucchio, L., 2011. "Uncertainty averse preferences," Journal of Economic Theory, Elsevier, vol. 146(4), pages 1275-1330, July.
    • Handle: RePEc:eee:jetheo:v:146:y:2011:i:4:p:1275-1330
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    More about this item

    Keywords

    Ambiguity Games against nature Smooth ambiguity preferences Uncertainty aversion Variational preferences;

    JEL classification:

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

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