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Structured Prescriptive Models of Risk Attitudes

Author

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  • Charles M. Harvey

    (College of Business Administration, University of Houston, Houston, Texas 77204-6282)

Abstract

This paper discusses conditions on risk attitudes that imply special types of expected-utility functions. First, conditions are described that correspond to different choices of an arithmetic operation that measures the importance of changes in consequences. Second, conditions are described such that one consequence in a pair of indifferent lotteries depends linearly on a consequence in the other lottery. Procedures are described for using one of the conditions to model the risk attitude of a public or private decision making group without performing the detailed preference assessments that are needed to determine a general utility function.

Suggested Citation

  • Charles M. Harvey, 1990. "Structured Prescriptive Models of Risk Attitudes," Management Science, INFORMS, vol. 36(12), pages 1479-1501, December.
    • Handle: RePEc:inm:ormnsc:v:36:y:1990:i:12:p:1479-1501
    DOI: 10.1287/mnsc.36.12.1479
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    File URL: http://dx.doi.org/10.1287/mnsc.36.12.1479
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    Cited by:

    1. Baillon, Aurélien & Bleichrodt, Han & Li, Chen & Wakker, Peter P., 2021. "Belief hedges: Measuring ambiguity for all events and all models," Journal of Economic Theory, Elsevier, vol. 198(C).
    2. Craig W. Kirkwood, 2004. "Approximating Risk Aversion in Decision Analysis Applications," Decision Analysis, INFORMS, vol. 1(1), pages 51-67, March.
    3. Charles M. Harvey & Lars Peter Østerdal, 2010. "Cardinal Scales for Health Evaluation," Decision Analysis, INFORMS, vol. 7(3), pages 256-281, September.

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    Keywords

    expected utility; risk attitudes;

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