A note on Wakker's Cardinal Coordinate Independence
AbstractPeter P. Wakker has forcefully shown the importance for decision theory of a condition that he called âCardinal Coordinate Independenceâ (CCI). Indeed, when the outcome space is rich, he proved that, for continuous weak orders, this condition fully characterizes the Subjective Expected Utility (SEU) model with a finite number of states. He has furthermore explored in depth how this condition can be weakened in order to arrive at characterizations of Choquet Expected Utility and Cumulative Prospect Theory. This note studies the consequences of this condition in the absence of any transitivity assumption. Complete preference relations satisfying Cardinal Coordinate Independence are shown to be already rather well-behaved. Under a suitable necessary order denseness assumption, they may always be represented using a simple numerical model.
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Bibliographic InfoArticle provided by Elsevier in its journal Mathematical Social Sciences.
Volume (Year): 48 (2004)
Issue (Month): 1 (July)
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Web page: http://www.elsevier.com/locate/inca/505565
Other versions of this item:
- Bouyssou, Denis & Pirlot, Marc, 2004. "A note on Wakker's cardinal coordinate independence," Economics Papers from University Paris Dauphine 123456789/2101, Paris Dauphine University.
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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