Applies the Constant Relative Risk Aversion (CRRA) utility function after
affine-scaling outcomes from [val_min, val_max] to [1e-6, 1].
Usage
crra_utility(v, gamma, val_min, val_max)
Arguments
- v
Numeric vector of outcome values (should be within val_min to val_max).
- gamma
Risk aversion parameter (real number; 1 = log utility).
- val_min
Minimum plausible outcome.
- val_max
Maximum plausible outcome.
Value
Numeric vector of utility values.