Cobb-Douglas preferences under uncertainty

dc.contributor.authorJOSÉ HELENO FARO
dc.coverage.cidadeNão informadopt_BR
dc.coverage.paisNão Informadopt_BR
dc.date.accessioned2022-08-13T13:19:17Z
dc.date.available2022-08-13T13:19:17Z
dc.date.issued2013
dc.description.abstractThis paper axiomatizes Cobb-Douglas preferences under uncertainty. First, we extend the original Trockel (Econ Lett 30:7–10, 1989)’s axiomatic foundation to a general state space framework based on the Strong Homotheticity Axiom, obtaining also the incomplete case a la Bewley (Decis Econ Financ 25:79–110, 2002). We show that this key axiom for the Cobb-Douglas expected utility specification is refuted by Ellsberg’s uncertainty aversion behavioral pattern. Our main result provides a set of meaningful axioms characterizing Cobb-Douglas min-expected utility preferences, an important class of uncertainty averse preferences for studying the consequences of ambiguity in finance and other fields. Finally, we present briefly how to obtain more general representations like the variational case.pt_BR
dc.format.extentp. 273-285pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doi10.1007/s00199-012-0738-7pt_BR
dc.identifier.issn14320479pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/3975
dc.identifier.volume54pt_BR
dc.language.isoInglêspt_BR
dc.publisherSpringerpt_BR
dc.relation.ispartofEconomic Theorypt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subjectCobb-Douglas preferencespt_BR
dc.subjectExpected utilitypt_BR
dc.subjectEllsberg paradoxpt_BR
dc.subjectKnightian uncertaintypt_BR
dc.subjectIncomplete preferencespt_BR
dc.subjectMEU preferencespt_BR
dc.titleCobb-Douglas preferences under uncertaintypt_BR
dc.typejournal article
dspace.entity.typePublication
local.identifier.sourceUrihttps://link.springer.com/article/10.1007/s00199-012-0738-7
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublication6f68f2a4-9e10-4c94-a5e8-62ba771c81d7
relation.isAuthorOfPublication.latestForDiscovery6f68f2a4-9e10-4c94-a5e8-62ba771c81d7

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