Testable Implications of Translation Invariance and Homotheticity: Variational, Maxmin, CARA and CRRA preferences

Christopher P. Chambers · Federico Echenique · Kota Saito

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Decision-Making and Behavioral Economics Economic and Environmental Valuation Economic theories and models

Abstract

We provide revealed preference axioms that characterize models of translation invariant preferences. In particular, we characterize the models of variational, maxmin, CARA and CRRA utilities. In each case we present a revealed preference axiom that is satisfied by a dataset if and only if the dataset is consistent from the corresponding utility representation. Our results complement traditional exercises in decision theory that take preferences as primitive.

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1989Maxmin expected utility with non-unique prior 2004Subjective probability and expected utility without additivity 2006Ambiguity Aversion, Robustness, and the Variational Representation of Preferences 2010Ambiguity in Asset Markets: Theory and Experiment 2009Vector Expected Utility and Attitudes Toward Variation 2013Mean-dispersion preferences and constant absolute uncertainty aversion 2014The explanatory and predictive power of non two-stage-probability theories of decision making under ambiguity 2014The Axiomatic Structure of Empirical Content

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