S. M. Guriev New Economic School , p. 1-26, language: английский  Аннотация We show that Yaari's dual theory of choice under risk may be derived as an indirect utility when a risk-neutral agent faces financial imperfections. We consider an agent that maximizes expected discounted cash flows under a bid-ask spread in the credit market. It turns out that the agent evaluates lotteries as if she were maximizing Yaari's dual utility function. We also obtain representation results for the dual theory of choice for the case of unbounded lotteries.  Ключевые слова Yaari's dual theory of choice under risk, indirect utility, risk-neutral agent, financial imperfections, expected discounted cash flows, bid-ask spread, credit market, Yaari's dual utility function, unbounded lotteries   Полный текст     в формате pdf