Dominance Axioms and Multivariate Nonexpected Utility Preferences
This paper deals with nonexpected utility preferences over multivariate distributions. The authors present two equivalent dominance axioms, implying an additivety separable structure of the local utility functions. They also imply that nonexpected utility functionals directly depend on the marginals of the multivariate distributions. The authors define an invariance axiom and show that it is equivalent to the property that all local utility functions are ordinally equivalent and that it implies an additively separable expected utility functional when the dominance axiom is assumed. An interesting property of multivariate preferences is that risk neutrality does not imply affinity of the utility function over nonstochastic outcomes. Copyright 1993 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 34 (1993)
Issue (Month): 2 (May)
|Contact details of provider:|| Postal: 160 McNeil Building, 3718 Locust Walk, Philadelphia, PA 19104-6297|
Phone: (215) 898-8487
Fax: (215) 573-2057
Web page: http://www.econ.upenn.edu/ier
More information through EDIRC
|Order Information:|| Web: http://www.blackwellpublishing.com/subs.asp?ref=0020-6598 Email: |
When requesting a correction, please mention this item's handle: RePEc:ier:iecrev:v:34:y:1993:i:2:p:321-34. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or ()
If references are entirely missing, you can add them using this form.