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<p>In expected utility theory (EUT) risk preferences are entirely captured by the curvature of (Bernoulli) utility function. This note presents a minor one-parameter generalization of EUT that disentangles the two. The preference foundation (axiomatization) of the new model rests on completeness, transitivity, continuity, Thomsen condition, dominance, and one new axiom (a weaker version of the independence axiom of EUT).</p>

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Evaluation of risky lotteries

  • 期刊论文

  • 发表日期：

    2026年6月15日

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  • Pavlo R. Blavatskyy

摘要

In expected utility theory (EUT) risk preferences are entirely captured by the curvature of (Bernoulli) utility function. This note presents a minor one-parameter generalization of EUT that disentangles the two. The preference foundation (axiomatization) of the new model rests on completeness, transitivity, continuity, Thomsen condition, dominance, and one new axiom (a weaker version of the independence axiom of EUT).