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On representation of preferences à la Debreu

Author

Listed:
  • Erio Castagnoli
  • Marzia De Donno
  • Gino Favero
  • Paola Modesti

Abstract

A representation theorem proven by G. Debreu in 1960, although somehow neglected by the literature, implies several deep and unexplored consequences both for Economics and for Decision Theory. This paper focuses on some of them. In particular, possible decompositions of state-dependent utilities à la Debreu (which may equivalently be seen as 'utility-dependent probabilities') are analysed, showing that Debreu's representation is based upon a 'joint' probability/utility function. It is illustrated how Debreu's Theorem can provide a neat geometrical interpretation of Castagnoli and LiCalzi's 'benchmarking' representation of preferences. (Conditional) Certainty Equivalents are defined and studied, and possible implications for attempting representation of incomplete preferences are discussed.

Suggested Citation

  • Erio Castagnoli & Marzia De Donno & Gino Favero & Paola Modesti, 2023. "On representation of preferences à la Debreu," International Journal of Data Science, Inderscience Enterprises Ltd, vol. 8(3), pages 175-194.
    • Handle: RePEc:ids:ijdsci:v:8:y:2023:i:3:p:175-194
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