Relative uncertainty aversion and additively representable set rankings

Walter Bossert and Arkadii Slinko

International Journal of Economic Theory, 2006, vol. 2, issue 2, 105-122

Abstract: This paper proposes a definition of relative uncertainty aversion for decision models under complete uncertainty. It is shown that, for a large class of decision rules characterized by a set of plausible axioms, the new criterion yields a complete ranking of those rules with respect to the relative degree of uncertainty aversion they represent. In addition, we address a combinatorial question that arises in this context, and we examine conditions for the additive representability of our rules.

Date: 2006
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Citations: View citations in EconPapers (9)

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https://doi.org/10.1111/j.1742-7363.2006.00026.x

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Working Paper: Relative Uncertainty Aversion and Additively Representable Set Rankings (2004)
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