Titlebook: Decision Making Under Risk and Uncertainty; New Models and Empir John Geweke Book 1992 Springer Science+Business Media Dordrecht 1992 Chang

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G. P. Obi Reddy,K. C. Arun KumarA crude definition of risk aversion (Varian, 1984, p. 158) says that there is risk aversion when an agent prefers to get the expected value of a lottery rather than to participate in it.

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Risk Aversion Measures with Expected and Non-Expected UtilityA crude definition of risk aversion (Varian, 1984, p. 158) says that there is risk aversion when an agent prefers to get the expected value of a lottery rather than to participate in it.

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H. Joe Steinhauer,Alexander Karlssonf values or probabilities and utilities. Appropriate solution concepts are suggested. On the whole, we provide a more robust decision theory, based on a weaker set of axioms, but embodying coherence, since it essentially implies carrying out a family of coherent decision analyses.

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don‘t depend on states in S, no infonnation to distinguish the states is desired, so that the demand for such infonnation structures must equal zero. To show the second claim, recall that if the correspondence is single valued for almost every agent, then its integral is also single valued. Finally, note tha978-94-010-5261-0978-94-011-2838-4

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Healthy Scepticism as an Expected-Utility Explanation of the Phenomena of Allais and Ellsbergtheory is to be taken with respect to the subjective beliefs of the decision maker. If I have positive probability of strategic behavior by the person making the offers, neither phenomenon is a paradox.