Characterizing the efficient set when preferences are state-dependent (Q1821674)
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scientific article; zbMATH DE number 3999617
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Characterizing the efficient set when preferences are state-dependent |
scientific article; zbMATH DE number 3999617 |
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Characterizing the efficient set when preferences are state-dependent (English)
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1987
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We consider economic models under uncertainty where risk-averse decision makers must choose from a given set of random variables. This paper develops a price characterization of the set of efficient state-payoff bundles when preferences are risk averse and state dependent. We also show how the set of such efficient bundles varies when different classes of state-dependent utility functions are considered.
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economic models under uncertainty
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risk-averse decision makers
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efficient state-payoff bundles
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