Revealed preference analysis of expected utility maximization under prize-probability trade-offs
نویسندگان
چکیده
We provide a revealed preference characterization of expected utility maximization in binary lotteries with prize-probability trade-offs. start by characterizing optimizing behavior when the empirical analyst exactly knows function or probability winning. Next, we consider situation both and unknown. In this case has content imposing mild shape restriction that at least one these functions is log-concave.
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ژورنال
عنوان ژورنال: Journal of Mathematical Economics
سال: 2022
ISSN: ['1873-1538', '0304-4068']
DOI: https://doi.org/10.1016/j.jmateco.2021.102607