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Expected utility theory under non-classical uncertainty

✍ Scribed by V. I. Danilov; A. Lambert-Mogiliansky

Publisher
Springer US
Year
2009
Tongue
English
Weight
417 KB
Volume
68
Category
Article
ISSN
0040-5833

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This paper discusses two problems. (a) What happens to the conditional risk premium that a decision maker is willing to pay out of the middle prize in a lottery to avoid uncertainty concerning the middle prize outcome, when the probabilities of other prizes change? (b) What happens to the increase t