Yaari dual theory without the completeness axiom
This 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).
|Date of creation:||Jul 2000|
|Date of revision:||Oct 2001|
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Cowles Foundation Discussion Papers
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