We study uncertainty averse preferences, that is, complete and transitive preferences that are convex and monotone. We establish a representation result, which is at the same time general and rich in structure. Many objective functions commonly used in applications are special cases of this representation.
Uncertainty averse preferences
Cerreia Vioglio, Simone;Maccheroni, Fabio;Marinacci, Massimo
;Montrucchio, Luigi
2011
Abstract
We study uncertainty averse preferences, that is, complete and transitive preferences that are convex and monotone. We establish a representation result, which is at the same time general and rich in structure. Many objective functions commonly used in applications are special cases of this representation.
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