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Continuity Postulates and Solvability Axioms in Economic Theory and in Mathematical Psychology: A Consolidation of the Theory of Individual Choice

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  • Aniruddha Ghosh
  • M. Ali Khan
  • Metin Uyanik

Abstract

This paper presents four theorems that connect continuity postulates in mathematical economics to solvability axioms in mathematical psychology, and ranks them under alternative supplementary assumptions. Theorem 1 connects notions of continuity (full, separate, Wold, weak Wold, Archimedean, mixture) with those of solvability (restricted, unrestricted) under the completeness and transitivity of a binary relation. Theorem 2 uses the primitive notion of a separately-continuous function to answer the question when an analogous property on a relation is fully continuous. Theorem 3 provides a portmanteau theorem on the equivalence between restricted solvability and various notions of continuity under weak monotonicity. Finally, Theorem 4 presents a variant of Theorem 3 that follows Theorem 1 in dispensing with the dimensionality requirement and in providing partial equivalences between solvability and continuity notions. These theorems are motivated for their potential use in representation theorems.

Suggested Citation

  • Aniruddha Ghosh & M. Ali Khan & Metin Uyanik, 2022. "Continuity Postulates and Solvability Axioms in Economic Theory and in Mathematical Psychology: A Consolidation of the Theory of Individual Choice," Papers 2202.08415, arXiv.org, revised Apr 2022.
  • Handle: RePEc:arx:papers:2202.08415
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    Cited by:

    1. Uyanik, Metin & Khan, M. Ali, 2022. "The continuity postulate in economic theory: A deconstruction and an integration," Journal of Mathematical Economics, Elsevier, vol. 101(C).
    2. Aniruddha Ghosh & Mohammed Ali Khan & Metin Uyanik, 2022. "The Intermediate Value Theorem and Decision-Making in Psychology and Economics: An Expositional Consolidation," Games, MDPI, vol. 13(4), pages 1-24, July.

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