Abstract

In this paper, we generalize classical results on risk aversion by analyzing the case, when the available data about cash flows are fuzzy numbers, random fuzzy numbers, type-2 fuzzy sets, random type-2 fuzzy sets, etc. We prove that the Arrow–Pratt measures are also risk aversion measures when an agent measures her risk using the Jensen-type operators. We also provide numerous examples of the Jensen-type operators.

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