Continuity and Completeness under Risk
AbstractSuppose some non-degenerate preferences R, with strict part P, over risky outcomes satisfy Independence. Then, when they satisfy any two of the following axioms, they satisfy the third. Herstein-Milnor: for all lotteries p,q,r, the set of a's for which ap+(1-a)qRr is closed. Archimedean: for all p,q,r there exists a>0 such that if pPq, then ap+(1-a)rPq. Complete: for all p,q, either pRq or qRp.
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Bibliographic InfoPaper provided by Facultad de Ciencias Empresariales y Economia. Universidad de Montevideo. in its series Documentos de Trabajo/Working Papers with number 1004.
Date of creation: 2010
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