将序数无风险效用转化为基数风险效用——评Chung、Glimcher、Tymula (2019)

IF 2.2 2区经济学 Q2 ECONOMICS American Economic Journal-Microeconomics Pub Date : 2022-05-01 DOI:10.1257/mic.20190338

Peter P. Wakker

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摘要

Chung、Glimcher和Tymula（2019）观察了消费者对商品捆绑包的选择和风险下的选择。他们假设代表消费者选择的基本无风险效用函数V和基本风险效用函数U。两者不一致。这个注释表明，如果我们假设V是序数的，这两个函数可以调和。那么一个效用函数U可以同时适应有风险和无风险的选择。（JEL C91，D12，D81）

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Transforming Ordinal Riskless Utility into Cardinal Risky Utility: A Comment on Chung, Glimcher, and Tymula (2019)

Chung, Glimcher, and Tymula (2019) observed both consumers’ choices over commodity bundles and choices under risk. They assumed a cardinal riskless utility function V representing consumer choices and a cardinal risky utility function U.The two were inconsistent. This note shows that the two functions can be reconciled if we assume that V is ordinal. Then one utility function U can accommodate both risky and riskless choices. (JEL C91, D12, D81)

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