Risk aversion without diminishing marginal utility
Menahem E. Yaari, London School of Economics and Political Science, International Centre for Economics and Related Disciplines
London School of Economics and Political Science, 1984 - Business & Economics - 40 pages
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$0 with probability Al-A5 of Section Ariel Rubinstein assigned to x,p assume Aversion Without Diminishing Avner Shaked basic random variable behavior under risk constant marginal utility continuous and non-decreasing convex f Convex Functions decumulative distribution defined in 32 definition of risk-aversion degenerate random variable differentiability diminishing marginal utility Douglas Gale Econometrica Equilibrium in Discontinuous Eric Maskin essential upper bound expected utility hypothesis expected utility theory f defined Figure function f Gu a Gy Gu(t GuCT Handa's Hart indifference curves inequality John Sutton Joseph Stiglitz Ken Binmore Lemma London School Machina million with probability Monopolistic Competition Nash Bargaining Theory non-decreasing and convex Oliver Partha Dasgupta present theory probability 0.89 published in Economic Rafael Repullo risk-averse agent risk-averse decision maker risky security satisfies Axioms Al-A5 satisfying f(0 School of Economics Shaked & John Stiglitz Theorem Utility by Menahem utility number assigned utility of wealth variable which takes xf(p Yaari