2015
May
17

# Game Theory & Math Economics: Yonatan Aumann (Bar-Ilan University) - "A Conceptual Foundation for the Theory of Risk Aversion"

4:00pm to 5:00pm

## Location:

Elath Hall, 2nd floor, Feldman Building, Edmond J. Safra Campus

Classically, risk aversion is equated with concavity of the utility function. In this work we explore the conceptual foundations of this definition. In accordance with neo-classical economics, we seek a definition that is based solely on the decisions maker's preference order, independent of numerical values. We present two such definitions, based on simple, conceptually appealing interpretations of the notion of risk-aversion.