A Generalization of the Quasilinear Mean with Applications to the Measurement of Income Inequality and Decision Theory Resolving the Allais Paradox

DOI10.2307/1912052zbMATH Open0517.90009OpenAlexW1594183550MaRDI QIDQ3666552FDOQ3666552

Authors:

Publication date: 1983

Published in: Econometrica (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.2307/1912052

stochastic dominance existence conditions consistency conditions inequality measures comparative risk aversion Allais paradox expected utility hypothesis generalization of the quasilinear mean weighted utilitarian social welfare functions

Mathematics Subject Classification ID

Decision theory (91B06) Statistical methods; economic indices and measures (91B82) Utility theory (91B16)

Cited In (only showing first 100 items - show all)

Risk aversion in the small and in the large: Calibration results for betweenness functionals
Transitive regret over statistically independent lotteries
A second-generation disappointment aversion theory of decision making under risk
How complicated are betweenness preferences?
A critical look at the Aumann-Serrano and Foster-Hart measures of riskiness
Temporal risk and the nature of induced preferences
Market equilibrium with heterogeneous recursive-utility-maximizing agents
Equivalent decision trees and their associated strategy sets
Decomposable choice under uncertainty
Axioms for minimax regret choice correspondences
A theory of coarse utility
Bargaining and boldness
Increasing uncertainty: a definition
From perception to action: an economic model of brain processes
Perception of probabilities in situations of risk: a case based approach
A theory of quantifiable beliefs
Ambiguity aversion and ambiguity content in decision making under uncertainty
The comonotonic sure-thing principle
Aggregation theory for SSB utility functionals
Ascending bid auctions with behaviorally consistent bidders
`Stochastically more risk averse': a contextual theory of stochastic discrete choice under risk
Overbidding and overspreading in rent-seeking experiments: cost structure and prize allocation rules
A recourse certainty equivalent for decisions under uncertainty
Recent developments in modeling preferences: Uncertainty and ambiguity
Equilibrium without independence
SSB utility theory: An economic perspective
Risk aversion in the theory of expected utility with rank dependent probabilities
Subjectively weighted linear utility
Bilinear utility and a threshold structure for nontransitive proferences
Nonexpected utility preferences in a temporal framework with an application to consumption-savings behaviour
Differentiability, comparative statics, and non-expected utility preference
Star-shaped probability weighting functions and overbidding in first-price auctions
On the commutation of generalized means on probability spaces
Different frames for the independence axiom: An experimental investigation in individual decision making under risk
Efficient sets with and without the expected utility hypothesis
Non-transitive measurable utility for decision under uncertainty
Axiomatic utility theories with the betweenness property
Discriminating between preference functionals: A preliminary Monte Carlo study
Ranked additive utility representations of gambles: Old and new axiomatizations
First order versus second order risk aversion
The ignorant observer
Violations of the betweenness axiom and nonlinearity in probability
A variational model of preference under uncertainty
On the measurement of inequality under uncertainty
An axiomatic characterization of preferences under uncertainty: Weakening the independence axiom
Preferences over location-scale family
A unifying approach to axiomatic non-expected utility theories
Comparative statics and non-expected utility preferences
Stochastic dominance and risk measure: a decision-theoretic foundation for VaR and C-VaR
Violations of betweenness or random errors?
Consistent probability attitudes
Recent developments in modelling preferences under risk
Ambiguity aversion in the small and in the large for weighted linear utility
On the statistical foundations of nonlinear utility theory: the case of status quo-dependent preferences.
Nontransitive preferences in decision theory
Totally convex preferences for gambles.
Independence properties vis-à-vis several utility representations
Choice under risk with certainty and potential effects: a general axiomatic model
A belief-dependent utility model
Preference structures and their numerical representations
A challenge to the compound lottery axiom: A two-stage normative structure and comparison to other theories
An overview of lexicographic choice under uncertainty
Constant risk aversion
Observing different orders of risk aversion
Utility theory with probability-dependent outcome valuation
Ranking intersecting Lorenz curves
Comparative statics for rank-dependent expected utility theory
Security level, potential level, expected utility: a three-criteria decision model under risk
Weighted utility theory with incomplete preferences
Risk attitudes for nonlinear measurable utility
Behaviorally consistent optimal stopping rules
Kompensation bei Entscheidungskriterien
Universal Pareto dominance and welfare for plausible utility functions
An axiomatic account of status quo-dependent non-expected utility: pragmatic constraints on rational choice under risk
Small worlds: Modeling attitudes toward sources of uncertainty
The projective independence axiom
Commutativity of integral quasiarithmetic means on measure spaces
Which decision theory?
Towards a constructive approach to act-conditional subjective expected utility models
Generalized probabilistic independence and its implications for utility
On the difference between social and private goods
On the robustness of indeterminacy in subjective probability
The Becker-Degroot-Marschak mechanism and generalized utility theories: Theoretical predictions and empirical observations
The development gap in economic rationality of future elites
Violations of betweenness and choice shifts in groups
On recursive utilities with non-affine aggregator and conditional certainty equivalent
Attitudes toward the timing of resolution of uncertainty and the existence of recursive utility
Expected utility, independence, and continuity
The value of information and the value of awareness
Time and risk
Large compound lotteries
Conditional implicit mean and the law of iterated integrals
Decisions under risk and uncertainty: A survey of recent developments
Signed orders in linear and nonlinear utility theory
Random binary choices that satisfy stochastic betweenness
Efficient sets with and without the expected utility hypothesis. A generalization
Utility theory with probability dependent outcome valuation: Extensions and applications
Weighted sets of probabilities and minimax weighted expected regret: a new approach for representing uncertainty and making decisions
Regret theory, Allais' paradox, and Savage's omelet
Foundations of continuous-time recursive utility: differentiability and normalization of certainty equivalents

This page was built for publication: A Generalization of the Quasilinear Mean with Applications to the Measurement of Income Inequality and Decision Theory Resolving the Allais Paradox

Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q3666552)