The Projective Independence Axiom
AbstractA new axiom for preference orderings over lotteries, called the projective independence axiom, is formulated. Given suitable continuity and monotonicity assumptions, the axiom implies that utility is either in the weighted utility class or is quadratic in probabilities. The betweeness axiom is used to distinguish between these two classes of functions.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 4 (1994)
Issue (Month): 2 (March)
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
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- Safra, Zvi & Segal, Uzi, 1995. "How complicated are betweenness preferences?," Journal of Mathematical Economics, Elsevier, vol. 24(4), pages 371-381.
- Kin Chung Lo, 1996. "Weighted and quadratic models of choice under uncertainty," Economics Letters, Elsevier, vol. 50(3), pages 381-386, March.
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