The Dual Theory of Choice under Risk
The Dual Theory of Choice under Risk
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作者：
M. Yaari
本文研究了预期效用理论的以下修改的后果：而不是要求独立性的概率混合的风险前景，要求独立性的直接混合支付的风险前景。得到了一个新的风险下的选择理论--对偶理论。在这个新的理论中，考虑了以下问题：（1）偏好的数值表示;（2）效用函数的性质;（3）解决预期效用理论的“悖论”的可能性;（4）风险厌恶的特征;（5）比较静态。最后，本文讨论了最近提出的其他非预期效用理论。版权所有1987年由计量经济学会。
This paper investigates the consequences of the following modification of Expected Utility theory: instead of requiring independence with respect to probability mixtures of risky prospects, require independence with respect to direct mixing of payments o f risky prospects. A new theory of choice under risk- a so-called Dual theory-is obtained. Within this new theory, the following questions are considered: (1) numerical representation of preferences; (2) properties of the utility function; ( 3) the possibility for resolving the "paradoxes" of Expected Utilit y theory; ( 4) the characterization of risk aversion; and (5) comparative statics. The paper ends with a discussion of other non-Expected Utility theories proposed recently. Copyright 1987 by The Econometric Society.