Representation of strongly independent preorders by sets of scalar-valued functions

McCarthy, David and Mikkola, Kalle and Thomas, Teruji (2017): Representation of strongly independent preorders by sets of scalar-valued functions.

Abstract

We provide conditions under which an incomplete strongly independent preorder on a convex set X can be represented by a set of mixture preserving real-valued functions. We allow X to be infinite dimensional. The main continuity condition we focus on is mixture continuity. This is sufficient for such a representation provided X has countable dimension or satisfies a condition that we call Polarization.

• Item Type: MPRA Paper
• Language: English
• Keywords: Expected utility Multi-representation Incompleteness Mixture continuity
• Subjects: D - Microeconomics > D1 - Household Behavior and Family Economics > D11 - Consumer Economics: Theory; D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty

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