Yaari dual theory without the completeness axiom

Fabio Maccheroni

ICER Working Papers - Applied Mathematics Series from ICER - International Centre for Economic Research

Abstract: This note shows how Yaari’s dual theory of choice under risk naturally extends to the case of incomplete preferences. This also provides an axiomatic characterization of a large and widely studied class of stochastic orders used to rank the riskiness of random variables or the dispersion of income distributions (including, e.g., second order stochastic dominance, dispersion, location independent riskiness).

Keywords: Yaari’s dual theory; incomplete preferences; stochastic orders (search for similar items in EconPapers)
Pages: 15 pages
Date: 2000-07, Revised 2001-10
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Citations: View citations in EconPapers (12)

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Related works:
Journal Article: Yaari's dual theory without the completeness axiom (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:icr:wpmath:30-2001

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