作者：ROBSON, AJ
作者单位：University of Michigan System; University of Michigan; Tilburg University
摘要：This paper supposes an individual cares about his/her own wealth not only directly but also via the relative standing that this wealth induces. The implications for risk-taking are investigated in particular. Such a model provides a natural explanation of the concave-convex-concave utility described by Friedman and Savage. However, there are a number of key differences between the present model and any model based on own wealth alone. For example, an equilibrium wealth distribution here may ha...
作者：MACHINA, MJ; SCHMEIDLER, D
作者单位：Tel Aviv University; University System of Ohio; Ohio State University
摘要：The goal of choice-theoretic derivations of subjective probability is to separate a decision maker's underlying beliefs (subjective probabilities of events) from their preferences (attitudes toward risk). Classical derivations have all relied upon some form of the Marschak-Samuelson Independence Axiom or the Savage Sure-Thing Principle, which imply that preferences over lotteries conform to the expected utility hypothesis. This paper presents a choice-theoretic derivation of subjective probabi...
