Generalised means of simple utility functions with risk aversion
Citation:
Conniffe, Denis. 'Generalised means of simple utility functions with risk aversion'. - Economic & Social Review, Vol. 39, No. 1, Spring, 2008, pp. 1?12, Dublin: Economic & Social Research InstituteDownload Item:
Abstract:
The paper examines the properties of a generalised mean of simple utilities each
displaying risk aversion, that is, with first derivative positive and second derivative negative. It shows the mean is itself a valid utility function and argues that simple component utilities, each of which may have quite restricted risk aversion properties, can be parsimoniously combined through the generalised mean formula to give a much more versatile utility function.
Description:
Paper delivered at the Twenty-First Annual Conference of the Irish Economic Association, Bunclody, Co. Wexford, April 25?27, 2007
Author: Conniffe, Denis
Publisher:
Economic & Social StudiesType of material:
Conference PaperJournal Article
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Full text availableKeywords:
Risk aversion, Utility function, Quantitative economicsISSN:
0012-9984Metadata
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