The Congruence Axiom and Path Independence
โ Scribed by Taradas Bandyopadhyay; Kunal Sengupta
- Book ID
- 112257924
- Publisher
- Elsevier Science
- Year
- 1999
- Tongue
- English
- Weight
- 139 KB
- Volume
- 87
- Category
- Article
- ISSN
- 0022-0531
No coin nor oath required. For personal study only.
๐ SIMILAR VOLUMES
Mark Machina has opposed the independence axiom, and "the argument for the 'rationality' of this prescription," by what he feels is "the strongest c0unterargument." (Machina, pp. 166 and 172. References, unless otherwise indicated, are to this paper.) In what follows, Machina's statement of that axi
The risk premium (conveniently normalized) is defined as the measure of risk aversion. This measure does not require any relevant assumption in the theory of choice under uncertainty except the existence of a certainty equivalent. In particular, the independence axiom is not required. The measure of