Probabilistic risk aversion with an arbitrary outcome set |
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| Authors: | Pavlo R Blavatskyy |
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| Institution: | a Institute of Public Finance, University of Innsbruck, Universitaetsstrasse 15, A-6020 Innsbruck, Austria |
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| Abstract: | This paper analyzes risk aversion when outcomes/consequences may not be measurable in monetary terms and people have fuzzy preferences over lotteries, i.e. they choose in a probabilistic manner. The paper shows that comparative risk aversion is well defined in a constant error/tremble model but not in a strong utility model. |
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| Keywords: | Risk aversion More risk averse than Probabilistic choice Strong utility model Fechner model Luce choice model |
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