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Expected utility without bounds—A simple proof

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  • Dillenberger, David
  • Vijay Krishna, R.

Abstract

We provide a simple proof for the existence of an expected utility representation of a preference relation with an unbounded and continuous utility function.

Suggested Citation

  • Dillenberger, David & Vijay Krishna, R., 2014. "Expected utility without bounds—A simple proof," Journal of Mathematical Economics, Elsevier, vol. 52(C), pages 143-147.
    • Handle: RePEc:eee:mateco:v:52:y:2014:i:c:p:143-147
    DOI: 10.1016/j.jmateco.2013.12.011
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    References listed on IDEAS

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    1. David M. Kreps, 2012. "Microeconomic Foundations I: Choice and Competitive Markets," Economics Books, Princeton University Press, edition 1, volume 1, number 9890.
    2. Grandmont, Jean-Michel, 1972. "Continuity properties of a von Neumann-Morgenstern utility," Journal of Economic Theory, Elsevier, vol. 4(1), pages 45-57, February.
    3. Peter C. Fishburn, 1976. "Unbounded Utility Functions in Expected Utility Theory," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 90(1), pages 163-168.
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    Cited by:

    1. Leoneti, Alexandre Bevilacqua & Gomes, Luiz Flavio Autran Monteiro, 2021. "A novel version of the TODIM method based on the exponential model of prospect theory: The ExpTODIM method," European Journal of Operational Research, Elsevier, vol. 295(3), pages 1042-1055.
    2. Michael Greinecker & Christoph Kuzmics, 2022. "Limit Orders and Knightian Uncertainty," Papers 2208.10804, arXiv.org.

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