The University of Dublin | Trinity College -- Ollscoil Átha Cliath | Coláiste na Tríonóide
Trinity's Access to Research Archive
Home :: Log In :: Submit :: Alerts ::

Economic and Social Review >
Economic and Social Review Archive: Complete Collection 1969- >

Please use this identifier to cite or link to this item:

Title: Evaluating opportunities when people are uncertainty averse
Author: Gekker, Ruvin
Piggins, Ashley
Keywords: Individual choice
Issue Date: 2009
Publisher: Economic & Social Research Institute
Citation: Gekker, Ruvin; Piggins, Ashley. 'Evaluating opportunities when people are uncertainty averse'. - Economic & Social Review, Vol. 40, no. 1, Spring, 2009, pp. 109–116, Dublin: Economic & Social Research Institute
Abstract: We consider the problem of ranking sets of alternatives. Standard approaches to this problem regard the addition of an alternative to a set containing one element as enhancing choice. We argue that this monotonicity axiom may not be desirable when an agent is uncertain as to the value of this additional alternative. We replace monotonicity with an uncertainty aversion axiom, and also introduce an axiom that produces lexicographic behaviour. These axioms, in conjunction with an independence axiom, enable us to prove a characterisation theorem. This theorem says that sets are ranked in terms of the number of uncertain elements that they contain, the fewer the better. This is the only ranking rule that satisfies our axioms.
Description: Paper delivered at the Twenty-Second Annual Conference of the Irish Economic Association, Westport, Co. Mayo, 25-27 April, 2008
ISSN: 00129984
Appears in Collections:Economic and Social Review Archive: Complete Collection 1969-
The Economic and Social Review, Vol. 40, No. 1, Spring, 2009

Files in This Item:

File Description SizeFormat
ESRI 40-1-5.pdfPublished (publisher's copy) - Peer Reviewed66.09 kBAdobe PDFView/Open

This item is protected by original copyright

Please note: There is a known bug in some browsers that causes an error when a user tries to view large pdf file within the browser window. If you receive the message "The file is damaged and could not be repaired", please try one of the solutions linked below based on the browser you are using.

Items in TARA are protected by copyright, with all rights reserved, unless otherwise indicated.


Valid XHTML 1.0! DSpace Software Copyright © 2002-2010  Duraspace - Feedback