Preferences and Subjective Probabilities

Svend Rasmussen ()
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Svend Rasmussen: University of Copenhagen

Chapter Chapter 5 in Optimisation of Production Under Uncertainty, 2011, pp 25-30 from Springer

Abstract: Abstract This chapter explains the relationship between preferences and subjective probabilities, and it shows how to model the relationship between the utility function, state-contingent goods, preferences and probabilities.

Keywords: Indifference curves; Certainty line; Probability line; Safety line; Subjective probability; Leontief utility function; Certainty equivalent; Risk premium (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spbchp:978-3-642-21686-2_5

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DOI: 10.1007/978-3-642-21686-2_5

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