A THEORY OF DISAPPOINTMENT AVERSION

被引：636

作者：

GUL, F

机构：

来源：

ECONOMETRICA | 1991年 / 59卷 / 03期

关键词：

PREFERENCES OVER LOTTERIES; EXPECTED UTILITY THEORY; INDEPENDENCE AXIOM; RISK AVERSION; ARROW-PRATT MEASURES OF RISK AVERSION;

D O I：

10.2307/2938223

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

An axiomatic model of preferences over lotteries is developed. It is shown that this model is consistent with the Allais Paradox, includes expected utility theory as a special case, and is only one parameter (beta) richer than the expected utility model. Allais Paradox type behavior is identified with positive values of beta. Preferences with positive beta are said to be disappointment averse. It is shown that risk aversion implies disappointment aversion and that the Arrow-Pratt measures of risk aversion can be generalized in a straight-forward manner, to the current framework.

引用

页码：667 / 686

页数：20

共 19 条

[1]

Allais M., 1979, EXPECTED UTILITY HYP, DOI [10.1007/978-94-015-7629-1, DOI 10.1007/978-94-015-7629-1]

[2] DISAPPOINTMENT IN DECISION-MAKING UNDER UNCERTAINTY [J].