Abstract
What can be inferred, without assuming the Independence axiom, about an agent's preferences over many-good lotteries from knowledge that the agent is income risk averse? We show that income risk aversion corresponds to an intuitive substitution property of the many-good lottery preferences that is, itself, equivalent to a standard definition of many-good risk aversion. We apply our approach to derive some well-known results directly from our interpretation of income risk aversion and neutrality.
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