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Risk attitudes over income with discrete status levels

机译：身份状态离散的收入风险态度

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摘要

The starting point for this paper is the realization that the utility function used in the expected utility (EU) model is actually an indirect utility function. Nearly every application of the EU model in economics begins with a utility function that is continuous and concave over profit, income or wealth; that is, money is treated as the root of all happiness. The present paper considers preferences that depend on both income and a discrete factor, where the realization of this discrete factor depends stochastically on income. This model begins with the basic EU format for preference over both income and status. It then considers behaviour under a reduced-form model over income alone that is consistent with the S-shaped curve having both concave and convex segments. This status model further relates to behaviourally based safety rule models for critical income levels and suggests considerable heterogeneity of risk attitudes among individuals..
机译：本文的出发点是认识到预期效用（EU）模型中使用的效用函数实际上是间接效用函数。几乎欧盟模型在经济学中的每一种应用都始于效用函数，该函数是连续的，并且隐含在利润，收入或财富上。也就是说，金钱被视为所有幸福的根源。本文考虑了依赖于收入和离散因素的偏好，这种离散因素的实现随机地取决于收入。该模型从基本欧盟格式开始，优先考虑收入和地位。然后，它考虑了仅在收入上的简化形式模型下的行为，该行为与同时具有凹凸段的S形曲线一致。此状态模型还与针对关键收入水平的基于行为的安全规则模型有关，并建议个人之间风险态度的异质性很高。

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