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The Handbook of Rational and Social Choice$
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Paul Anand, Prasanta Pattanaik, and Clemens Puppe

Print publication date: 2009

Print ISBN-13: 9780199290420

Published to Oxford Scholarship Online: May 2009

DOI: 10.1093/acprof:oso/9780199290420.001.0001

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State‐Dependent Utility

State‐Dependent Utility

(p.222) CHAPTER 9 State‐Dependent Utility
The Handbook of Rational and Social Choice

Edi Karni

Oxford University Press

This chapter reviews the foundational issues raised when the evaluation of consequences is state‐dependent and discusses the various approaches to addressing them. In addition, exposes the theory of risk aversion in the presence of state‐dependent preferences and applies it to the analysis of optimal choice of disability insurance.

Keywords:   state‐dependent preferences, risk aversion, disability insurance, moral hazard

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