| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5059925 | Economics Letters | 2013 | 4 Pages |
Abstract
We extend the pioneering work of Aumann-Serrano by presenting an index of riskiness for gambles with either positive or negative expectations. It can be of use for a variety of abstract behaviors, when adapting the framework of either Expected-Utility Theory or Prospect Theory.
⺠We extend the pioneering work of Aumann and Serrano regarding an index of riskiness. ⺠The extended index can be of use for a variety of possible rational behaviors. ⺠Applicable when adapting the framework of either Expected Utility Theory or Prospect Theory. ⺠The index satisfies the duality axiom. ⺠Mathematical proofs are included.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Adi Schnytzer, Sara Westreich,