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- Title
Yaari's dual theory without the completeness axiom.
- Authors
Maccheroni, Fabio
- Abstract
This note shows how Yaari (1987)'s dual theory of choice under risk naturally extends to the case of incomplete preferences. This also provides an axiomatic characterization of a large and widely studied class of stochastic orders used to rank the riskiness of random variables or the dispersion of income distributions (including, e.g., second order stochastic dominance, dispersion, location independent riskiness, see Chateauneuf, Cohen, and Meilijson, 1997).
- Subjects
STOCHASTIC orders; INCOME inequality; RANDOM variables; DISTRIBUTION (Probability theory); RISK assessment
- Publication
Economic Theory, 2004, Vol 23, Issue 3, p701
- ISSN
0938-2259
- Publication type
Article
- DOI
10.1007/s00199-003-0395-y