bivariate utility
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2019 ◽  
Vol 7 (4) ◽  
pp. 344-358
Author(s):  
Yuqing Tao ◽  
Jie Mei ◽  
Wen Cheng ◽  
Sijie Zou

Abstract This paper deals with the effort problem under multiple risks in bivariate utility setting. We identify preference conditions to insure positive or negative effect of a background variable uncertainty on effort in the presence of other risks. We allow for the simultaneous presence of wealth and background variable uncertainties. We investigate the joint effect of two-source uncertainties on effort when two risks are either small or positive quadrant dependent. Our work extends the previous model of effort to bivariate utility framework and presents new insights into the issue of optimal effort under uncertainty.



2009 ◽  
Vol 46 (1) ◽  
pp. 39-54 ◽  
Author(s):  
Michel M. Denuit ◽  
Louis Eeckhoudt ◽  
Mario Menegatti


1969 ◽  
Vol 14 (4) ◽  
pp. 316-327 ◽  
Author(s):  
David W. Conrath ◽  
Edward L. Deci


1965 ◽  
Vol 11 (9) ◽  
pp. 792-801 ◽  
Author(s):  
Peter C. Fishburn


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