Published July 11, 2022
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Monotone Additive Statistics
Chicago
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Abstract
The expectation is an example of a descriptive statistic that is monotone with respect to stochastic dominance, and additive for sums of independent random variables. We provide a complete characterization of such statistics, and explore a number of applications to models of individual and group decision-making. These include a representation of stationary, monotone time preferences, extending the work of Fishburn and Rubinstein (1982) to time lotteries, as well as a characterization of risk-averse preferences over monetary gambles that are invariant to mean-zero background risks.
Additional Information
© 2022 Copyright held by the owner/author(s). Philipp Strack was supported by a Sloan fellowship. Omer Tamuz was supported by a grant from the Simons Foundation (#419427), a Sloan fellowship, a BSF award (#2018397) and a National Science Foundation CAREER award (DMS-1944153).Attached Files
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Submitted - 2102.00618.pdf
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Additional details
- Eprint ID
- 108299
- Resolver ID
- CaltechAUTHORS:20210303-154811036
- Alfred P. Sloan Foundation
- Simons Foundation
- 419427
- Binational Science Foundation (USA-Israel)
- 2018397
- NSF
- DMS-1944153
- Created
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2021-03-04Created from EPrint's datestamp field
- Updated
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2022-07-27Created from EPrint's last_modified field