Uncertainty averse preferences

• 成果类型: Article
• 署名作者: Cerreia-Vioglio, S.; Maccheroni, F.; Marinacci, M.; Montrucchio, L.
• 署名单位: Bocconi University; Bocconi University; University of Turin; Collegio Carlo Alberto
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2011.05.006
• 发表日期: 2011
• 页码: 1275-1330
• 关键词: Ambiguity; Games against nature; Smooth ambiguity preferences; Uncertainty aversion; Variational preferences

摘要

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. (C) 2011 Elsevier Inc. All rights reserved.