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    Generalised Means of Simple Utility Functions with Risk Aversion

    Conniffe, Prof. Denis (2007) Generalised Means of Simple Utility Functions with Risk Aversion. UNSPECIFIED. (Unpublished)

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    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 proves the mean is itself a valid utility function with the appropriate signs for derivatives and investigates risk aversion properties. It shows 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.

    Item Type: Other
    Academic Unit: Faculty of Social Sciences > Economics, Finance and Accounting
    Item ID: 705
    Depositing User: Ms Sandra Doherty
    Date Deposited: 17 Sep 2007
    Refereed: No
    Use Licence: This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available here

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