Choice under risk and the security factor: An axiomatic model

The particular attention paid by decision makers to the security level ensured by each decision under risk, which is responsible for the certainty effect, can be taken into account by weakening the independence and continuity axioms of expected utility theory. In the resulting model, preferences depend on: (i) the security level, (ii) the expected utility, offered by each decision. Choices are partially determined by security level comparison and completed by the maximization of a function, which express the existing tradeoffs between expected utility and security level, and is, at a given security level, an affine function of the expected utility. In the model, risk neutrality at a given security level implies risk aversion.     

Single rural elders

This research examined dimensions of life satisfaction of rural lifelong single elders in comparison with their married and widowed counterparts. A random sample including 30 singles, 214 married, and 163 widowed adults aged 65 to 99 years was interviewed. Contrary to much of the literature, the data indicated that single adults lead relatively active lifestyles. Lifelong singles reported experiencing significantly more loneliness and unhappiness than the married, but less loneliness than the widowed. Taken as a whole, self-rated life satisfaction was not significantly different for singles, the married, or the widowed.