Representation of strongly independent preorders by vector-valued functions

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

Abstract

We show that without assuming completeness or continuity, a strongly independent preorder on a possibly infinite dimensional convex set can always be given a vector-valued representation that naturally generalizes the standard expected utility representation. More precisely, it can be represented by a mixture-preserving function to a product of lexicographic function spaces.

• Item Type: MPRA Paper
• Language: English
• Keywords: Expected utility; discontinuous preferences; incomplete preferences; lexicographic representations
• Subjects: D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty

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