Comonotonicity axioms and rank-dependent expected utility theory for arbitrary consequences

Article Abstract:

A study has been conducted to develop a new axiomatization of the rank-dependent expected utility model in the general framework of simple distributions over a connected compact metric response. It has been proposed that comonotonic mixture independence axiom can help in obtaining axiomatization of rank-dependent expected utility (RDEU). Finding indicated that in RDEU theory, dual subadditivity of the probability transformation can be characterized by an axiom of risk aversion exhibiting attraction for sure lotteries.

Axioms, Probabilistic number theory

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Four notions of mean- preserving increase in risk, risk attitudes and applications to the rank-dependent expected utility model

Article Abstract:

Various notions of risk are presented, that are generated by the intuitively appealing single-crossing operations between distribution functions. Four notions of mean-preserving increase in risk (MPIR), monotone MPIR and two versions of location-independent risk are reviewed.

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Is risk-aversion hereditary?

Article Abstract:

The correlation between the risk aversion of a parent with that of his offspring is analyzed. An indirect approach to examine the role of genetics in determining risk aversion is presented.

United Kingdom, Influence, Genetics

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