Changes in Risky Benefits and in Risky Costs: A Question of the Right Order
在期望效用模型下研究风险变化对最优行为的比较静态效应，发现收益风险增加会降低风险暴露，而成本风险增加的反应取决于风险变化的阶数，并识别了随机占优顺序以解释这一差异。
We organize and extend findings on the comparative static effects of risk changes on optimal behavior in a unifying expected utility model. We determine restrictions on preferences for clear-cut results. Risk increases of a benefit are compensated by lowering exposure to risk. For risk increases of a cost, the response depends on the order of the risk change. This discrepancy arises because even-order risk increases of a cost raise the riskiness of the payoff distribution, whereas odd-order risk increases of a cost reduce it. We identify the stochastic dominance orders to resolve this discrepancy and discuss specific decision problems as applications. This paper was accepted by Manel Baucells, behavioral economics and decision analysis.