arXiv Open Access 2024

How to Make an Action Better

Marilyn Pease Mark Whitmeyer

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Abstrak

For two actions in a decision problem, a and b, each of which produces a state-dependent monetary reward, we study how to robustly make action a more attractive. Action a' improves upon a in this manner if the set of beliefs at which a is preferred to b is a subset of the set of beliefs at which a' is preferred to b, irrespective of the risk-averse agent's utility function (in money). We provide a full characterization of this relation and discuss applications in politics, bilateral trade, insurance, and information acquisition.

Topik & Kata Kunci

econ.TH

Penulis (2)

Marilyn Pease

Mark Whitmeyer

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APA MLA BibTeX

Pease, M., Whitmeyer, M. (2024). How to Make an Action Better. https://arxiv.org/abs/2408.09294

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Informasi Jurnal

Tahun Terbit: 2024
Bahasa: en
Sumber Database: arXiv
Akses: Open Access ✓