A correspondence theorem between expected utility and smooth utility

DOI10.1016/0022-0531(88)90159-7zbMath0652.90015OpenAlexW2048808175MaRDI QIDQ1107403

Larry G. Epstein, Itzhak Zilcha, Soo Hong Chew

Publication date: 1988

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: https://ageconsearch.umn.edu/record/275398/files/TEL-AVIV-FSWP-078.pdf

zbMATH Keywords

expected utilityordinal definition of smoothness of a preference functionalspace of probability distributions

Mathematics Subject Classification ID

Utility theory (91B16)

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The preservation of multivariate comparative statics in nonexpected utility theory, A correspondence theorem between expected utility and smooth utility, Two errors in the `Allais impossibility theorem', Decisions under risk and uncertainty: A survey of recent developments, Firm's hedging behavior without the expected utility hypothesis, Comparative statics tests between decision models under risk, Comparative statics for rank-dependent expected utility theory, Differentiability, comparative statics, and non-expected utility preference, Comparative statics and non-expected utility preferences, Revealed preference and portfolio choice

Cites Work

• Temporal risk and the nature of induced preferences
• Transitive measurable utility
• An axiomatic characterization of preferences under uncertainty: Weakening the independence axiom
• Risk aversion in the theory of expected utility with rank dependent probabilities
• A correspondence theorem between expected utility and smooth utility
• Temporal von Neumann-Morgenstern and induced preferences
• A Generalization of the Quasilinear Mean with Applications to the Measurement of Income Inequality and Decision Theory Resolving the Allais Paradox
• "Expected Utility" Analysis without the Independence Axiom
• "Preference Reversal" and the Observability of Preferences by Experimental Methods
• The Dual Theory of Choice under Risk