Payoff kinks in preferences over lotteries (Q1421737)
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scientific article; zbMATH DE number 2037027
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| English | Payoff kinks in preferences over lotteries |
scientific article; zbMATH DE number 2037027 |
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Payoff kinks in preferences over lotteries (English)
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3 February 2004
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A family of all finite-outcome lotteries over some real interval is considered. Two distinct types of payoff kinks of preference functions are identified. It is proven that expected utility and Fréchet differentiable preference functions do not exhibit the locally nonseparable payoff kinks. On the other hand, rank-dependent preference functions exhibit such kinks.
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risk
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uncertainty
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payoff kinks
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0.88859755
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0.8720913
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0.86790967
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0.86708444
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0.8627429
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0.86029726
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