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On risk aversion with two risks

Article Abstract:

Bivariate risk aversion is verifiable for all pairs of risks if the utility function allows additive and concave representations. However, in cases where variables exhibit positive dependence, conditions ought to display a concave utility function, as well as submodularity. As such, agents will be expected to choose an insurable risk if they are risk averse in that particular insurable risk, and bivariately risk averse in cases of two simultaneous risks.

Economics, Research and Development in the Social Sciences and Humanities, Asset & Risk Management, Risk (Economics), Risk management, Risk (Insurance)

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On the value of information in multi-agent decision theory

Article Abstract:

Two situations are presented involving information sharing and decisionmaking characterized by the existence of a plurality of agents and a 'chief' who chooses to disseminate or withhold information. The goal of information dissemination is to satisfy a social utility which is also intended to be a positive factor in the utility function of agents. The extent of information needed to satisfy goals is the main problem dealt with.

Research, Decision-making, Decision making, Information management

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Dominance conditions in non-additive expected utility theory

Article Abstract:

Dominance conditions are defined for a non-additive utility theory designed to explain the Ellsberg paradox. Stochastic dominance theorems are easily applicable to the univariate case. The same conditions apply to multivariate cases only when results assume a weak preference ordering or do not require extension to convex combinations of conic functions or linear combinations of functions.

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