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An Explicit Representation for Disappointment Aversion and Other Betweenness Preferences

Simone Cerreia-VioglioDavid DillenbergerPietro Ortoleva

出版	Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, 2018
URL	http://books.google.com.hk/books?id=g0LgzQEACAAJ&hl=&source=gbs_api

註釋

One of the most well-known models of non-expected utility is Gul (1991)'smodel of Disappointment Aversion. This model, however, is defined implicitly,as the solution to a functional equation; its explicit utility representation is unknown,which may limit its applicability. We show that an explicit representationcan be easily constructed, using solely the components of the implicit one. Wealso provide a more general result: an explicit representation for preferences inthe Betweenness class that also satisfy Negative Certainty Independence (Dillenberger,2010).