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Foundations of the Mean-Variance Analysis: Normal Distribution Hypothesis and Expected Utility
Foundations of the Mean-Variance Analysis: Normal Distribution Hypothesis and Expected Utilityopenaire
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Bargaining Solutions without the Expected Utility Hypothesis
Games and Economic Behavior, 1993It is well-known in game theory that reasonable axioms that describe human preferences lead to the notion of utility (or expected utility) \(u(A)\) such that \(A\) is preferable to \(B\) iff \(u(A)>u(B)\) and the utility of a lottery \(L\) in which a person gets \(A_ 1\) with probability \(p_ 1,\dots,A_ n\) with probability \(p_ n\) is equal to the ...
Safra, Zvi, Zilcha, Itzhak
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A Homiletic Exposition of the Expected Utility Hypothesis
Economica, 1977The expected utility hypothesis is an important and celebrated result which allows some sense to be made of decision-making under uncertainty. It is however a result made up of many pieces. Here an attempt is made to make as clear as possible the assumptions used in deriving the expected utility hypothesis, and so to see which ones are needed to ...
Blackorby, Charles +2 more
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Firm's hedging behavior without the expected utility hypothesis
Economics Letters, 1986zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Safra, Zvi, Zilcha, Itzhak
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Efficient sets with and without the expected utility hypothesis
Journal of Mathematical Economics, 1988Consider a feasible set, X, of c.d.f.'s. Assume that the set of decision makers, who must choose from X, includes non-expected utility decision makers who are risk averse in some weaker notions. We show that in this case the efficient set of X expands relative to the expected utility case.
Safra, Zvi, Zilcha, Itzhak
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