Expected utility theory on mixture spaces without the completeness axiom
نویسندگان
چکیده
A mixture preorder is a on space (such as convex set) that compatible with the mixing operation. In decision theoretic terms, it satisfies central expected utility axiom of strong independence. We consider when has multi-representation consists real-valued, mixture-preserving functions. If does, must satisfy continuity Herstein and Milnor (1953). Mixture sufficient for dimension countable, but not uncountable. Our strongest positive result in conjunction novel we call countable domination, which constrains order complexity terms its Archimedean structure. also what happens given natural weak topology. Continuity (having closed upper lower sets) closedness graph) are stronger than continuity. show necessary to have multi-representation. Closedness necessary; leave an open question whether sufficient. end results concerning existence multi-representations consist entirely strictly increasing functions, uniqueness result.
منابع مشابه
Expected utility theory without the completeness axiom
Universidad de Montevideo and New York University Istituto di Metodi Quantitativi Università Bocconi Department of Economics New York University September, 2001 for a potentially incomplete preference relation over lotteries by means of a set of von Neumann-Morgenstern utility functions. It is shown that, when the prize space is a compact metric space, a preference relation admits such a multi-...
متن کاملMultiattribute Utility Theory Without Expected Utility Foundations
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive...
متن کاملA Theory of Risk without Expected Utility
This paper challenges the use of expected value concepts including expected return, expected utility, non-expected utility and weighted utility in the study of risk. It proves that all such concepts must lead to the rejection of any gambling or insurance proposal. Consequently, theories applying them become futile. Instead, this paper seeks to explain the risky behaviors by the Central Limit Th...
متن کاملConstructing Banaschewski compactification without Dedekind completeness axiom
Themain aim of this paper is to provide a construction of the Banaschewski compactification of a zero-dimensional Hausdorff topological space as a structure space of a ring of ordered field-valued continuous functions on the space, and thereby exhibit the independence of the construction from any completeness axiom for an ordered field. In the process of describing this construction we have gen...
متن کاملSubjective Expected Utility Theory without States of the World
This paper develops an axiomatic theory of decision making under uncertainty that dispenses with the state space. The results are subjective expected utility models with unique, action-dependent, subjective probabilities, and a utility function defined over wealth-effect pairs that is unique up to positive linear transformation. JEL classification code: D81
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Mathematical Economics
سال: 2021
ISSN: ['1873-1538', '0304-4068']
DOI: https://doi.org/10.1016/j.jmateco.2021.102538