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Definable utility in o-minimal structures

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  • Richter, Marcel K.
  • Wong, Kam-Chau

Abstract

Representing binary ordering relations by numerical functions is a basic problem of the theory of measurement. We obtain definable utility representations for (both continuous and upper semicontinuous) definable preferences in o-minimal expansions of real closed ordered fields. Such preferences have particular significance for modeling 'bounded rationality'. The initial application of these ideas in economics was made by Blume and Zame. Our results extend their Theorem 1 in several directions.
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  • Richter, Marcel K. & Wong, Kam-Chau, 2000. "Definable utility in o-minimal structures," Journal of Mathematical Economics, Elsevier, vol. 34(2), pages 159-172, October.
    • Handle: RePEc:eee:mateco:v:34:y:2000:i:2:p:159-172
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    References listed on IDEAS

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    1. Richter, M.K. & Wong, K-C., 1996. "Bounded Rationalities and Computable Economies," Papers 297, Minnesota - Center for Economic Research.
    2. Trout Rader, 1963. "The Existence of a Utility Function to Represent Preferences," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 30(3), pages 229-232.
    3. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-392, May.
    4. Richter, Marcel K, 1980. "Continuous and Semi-Continuous Utility," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(2), pages 293-299, June.
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    Cited by:

    1. Meroni, Claudia & Pimienta, Carlos, 2017. "The structure of Nash equilibria in Poisson games," Journal of Economic Theory, Elsevier, vol. 169(C), pages 128-144.

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    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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