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Independent preferences

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  • Vind, Karl

Abstract

A simple mathematical result characterizing a subset of a product set is proved and used to obtain additive representations of preferences. The additivity consequences of independence assumptions are obtained for preferences which are not total or transitive. This means that most of the economic theory based on additive preferences - expected utility, discounted utility - has been generalized to preferences which are not total or transitive. Other economic applications of the theorem are given.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 20 (1991)
Issue (Month): 1 ()
Pages: 119-135

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Handle: RePEc:eee:mateco:v:20:y:1991:i:1:p:119-135

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Web page: http://www.elsevier.com/locate/jmateco

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Cited by:
  1. O’Callaghan, Patrick, 2011. "Context and Decision: Utility on a Union of Mixture Spaces," The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics 973, University of Warwick, Department of Economics.
  2. Ebbe Groes & Hans Jacobsen & Birgitte Sloth & Torben Tranæs, 1999. "Testing the Intransitivity Explanation of the Allais Paradox," Theory and Decision, Springer, Springer, vol. 47(3), pages 229-245, December.
  3. Gijs van de Kuilen & Peter P. Wakker, 2011. "The Midweight Method to Measure Attitudes Toward Risk and Ambiguity," Management Science, INFORMS, INFORMS, vol. 57(3), pages 582-598, March.
  4. Grant, Simon & Kajii, Atsushi & Polak, Ben, 2000. "Decomposable Choice under Uncertainty," Journal of Economic Theory, Elsevier, Elsevier, vol. 92(2), pages 169-197, June.
  5. Bouyssou, Denis & Pirlot, Marc, 2005. "Following the traces:: An introduction to conjoint measurement without transitivity and additivity," European Journal of Operational Research, Elsevier, Elsevier, vol. 163(2), pages 287-337, June.
  6. Craig Webb, 2013. "Bargaining with subjective mixtures," Economic Theory, Springer, Springer, vol. 52(1), pages 15-39, January.
  7. Vind, Karl, 2000. "von Neumann Morgenstern preferences," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 33(1), pages 109-122, February.
  8. Gerasimou, Georgios, 2009. "Consumer theory with bounded rational preferences," MPRA Paper 18673, University Library of Munich, Germany, revised 16 Nov 2009.
  9. repec:hal:journl:halshs-00340374 is not listed on IDEAS
  10. Ok, Efe A. & Masatlioglu, Yusufcan, 2007. "A theory of (relative) discounting," Journal of Economic Theory, Elsevier, Elsevier, vol. 137(1), pages 214-245, November.
  11. Nakamura, Yutaka, 1998. "Skew-symmetric additive representations of preferences," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 30(3), pages 367-387, October.
  12. Yutaka Nakamura, 1997. "Lexicographic Additivity For Multi-Attribute Preferences On Finite Sets," Theory and Decision, Springer, Springer, vol. 42(1), pages 1-19, January.
  13. Denis Bouyssou & Thierry Marchant, 2011. "Subjective expected utility without preferences," Working Papers, HAL hal-00606939, HAL.
  14. Tangian, Andranik, 2004. "A model for ordinally constructing additive objective functions," European Journal of Operational Research, Elsevier, Elsevier, vol. 159(2), pages 476-512, December.

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