Preserving preference rankings under non-financial background risk

We investigate the impact of a non-financial background risk ??? on thepreference rankings between two independent financial risks Open image in new window Open image in new windowx₀+ Open image in new windowy₀+ ???) to be preferred to(x₀+ Open image in new windowy₀+ ???)whenever (x₀+ Open image in new windowy₀) ispreferred to (x₀+ Open image in new windowy₀). Utilityfunctions that preserve the preference rankings are fully characterized. Theirpractical relevance is discussed in light of recent results on the constraintsfor the modelling of the preference for the disaggregation of harms.