A test for risk-averse expected utility

Chambers, Christopher P.; Liu, Ce; Martinez, Seung-Keun

Abstract

We provide a universal condition for rationalizability by risk-averse expected utility preference in a demand-based framework with multiple commodities. Our test can be viewed as a natural counterpart of a classical test of expected utility, due to Fishburn (1975), in a demand setting.

Citation

Chambers, C. P., Liu, C., & Martinez, S. (2016). A test for risk-averse expected utility. Journal of Economic Theory, 163, 775-785. https://doi.org/10.1016/j.jet.2016.03.002

• Journal Article Type: Article
• Acceptance Date: Mar 5, 2016
• Online Publication Date: Mar 9, 2016
• Publication Date: 2016-05
• Deposit Date: May 27, 2020
• Journal: Journal of Economic Theory
• Print ISSN: 0022-0531
• Publisher: Elsevier
• Peer Reviewed: Peer Reviewed
• Volume: 163
• Pages: 775-785
• DOI: https://doi.org/10.1016/j.jet.2016.03.002
• Public URL: https://nottingham-repository.worktribe.com/output/3789076
• Publisher URL: https://www.sciencedirect.com/science/article/pii/S0022053116000363?via%3Dihub