English, Article, Journal or magazine article edition: Are Universal Preferences Possible? Calibration Results for Non-Expected Utility Theories Zvi Safra; Uzi Segal

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Bookmark: http://trove.nla.gov.au/version/73104
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Are Universal Preferences Possible? Calibration Results for Non-Expected Utility Theories
Author
  • Zvi Safra
  • Uzi Segal
Physical Description
  • preprint
Notes
  • Rabin proved that a low level of risk aversion with respect to small gambles leads to a high, and absurd, level of risk aversion with respect to large gambles. Rabin's arguments strongly depend on expected utility theory, but we show that similar arguments apply to almost all non-expected utility theories and even to theories dealing with uncertainty. The set of restrictions needed in order to avoid such absurd behavior may suggest that the assumption of universality of preferences over final wealth is too strong.
  • RePEc:boc:bocoec:633
Language
  • English
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