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Generalised means of simple utility functions with risk aversion
Conniffe, Denis
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.
Keyword(s): Risk aversion; Utility function; Quantitative economics
Publication Date:
Type: Conference item
Peer-Reviewed: Unknown
Language(s): English
Institution: Trinity College Dublin
Citation(s): 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 Institute
Publisher(s): Economic & Social Studies
First Indexed: 2014-05-13 05:29:55 Last Updated: 2018-08-12 06:15:56