Comparative risk aversion for state-dependent preferences

John Quiggin and Robert G. Chambers

No 151172, Risk and Sustainable Management Group Working Papers from University of Queensland, School of Economics

Abstract: The idea that preferences may be state-dependent fits naturally with an analysis of uncertainty based on explicit representation of random variables as state-contingent consumption or production bundles. In this paper we show how these concepts of risk-aversion may be extended to the case of state-dependent preferences, whether or not these preferences are autocomparable in the sense of Karni. We characterize autocomparability as a special case. We show how standard comparative static results, originally derived for the state-independent expected utility model, may be extended to general state-dependent preferences, without the requirement for additive separability.

Keywords: Public Economics; Risk and Uncertainty (search for similar items in EconPapers)
Pages: 19
Date: 2005-05-04
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ageconsearch.umn.edu/record/151172/files/WPR05_5.pdf (application/pdf)

Related works:
Working Paper: Comparative Risk Aversion for State-Dependent Preferences (2005)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:uqsers:151172

DOI: 10.22004/ag.econ.151172

Access Statistics for this paper

More papers in Risk and Sustainable Management Group Working Papers from University of Queensland, School of Economics Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().