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Additive utility with intransitive indifference and without independence: A homogeneous case

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In the homogeneous case of one type of goods or objects, we prove the existence of an additive utility function without assuming transitivity of indifference and independence. The representation reveals a positive factor smaller than 1 that infuences rational choice beyond the utility function and explains departures from these standard axioms of utility theory (factor equals to 1).

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Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 628.

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Date of creation: Jun 2002
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Handle: RePEc:upf:upfgen:628

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Web page: http://www.econ.upf.edu/

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Keywords: Rationality; utility; maximization;

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  1. Peter Fishburn & Peter Wakker, 1995. "The Invention of the Independence Condition for Preferences," Management Science, INFORMS, vol. 41(7), pages 1130-1144, July.
  2. Marc Le Menestrel, 2003. "A one-shot Prisoners’ Dilemma with procedural utility," Economics Working Papers 819, Department of Economics and Business, Universitat Pompeu Fabra.
  3. Marc Le Menestrel, 2001. "A process approach to the utility for gambling," Economics Working Papers 570, Department of Economics and Business, Universitat Pompeu Fabra.
  4. Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.
  5. Marc Le Menestrel & Luk Van Wassenhove, 2001. "The Domain and Interpretation of Utility Functions: An Exploration," Theory and Decision, Springer, vol. 51(2), pages 329-349, December.
  6. Amartya Sen, 1997. "Maximization and the Act of Choice," Econometrica, Econometric Society, vol. 65(4), pages 745-780, July.
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