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An axiomatization of continuous quasilinear utility

Author

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  • Yann Rébillé

    (Université de Nantes, IAE de Nantes, LEMNA)

Abstract

Quasilinear utility functions are often met in various economic applications. We provide an axiomatization of preferences that are representable by a continuous quasilinear utility function. Following the topological approach and building on existing results (Wakker in J Math Psychol 32:421–435, 1988), we obtain representation theorems on connected topological spaces. A direct proof for general topological spaces is achieved.

Suggested Citation

  • Yann Rébillé, 2017. "An axiomatization of continuous quasilinear utility," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 40(1), pages 301-315, November.
    • Handle: RePEc:spr:decfin:v:40:y:2017:i:1:d:10.1007_s10203-017-0202-z
    DOI: 10.1007/s10203-017-0202-z
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    References listed on IDEAS

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    1. Fishburn, Peter C & Rubinstein, Ariel, 1982. "Time Preference," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(3), pages 677-694, October.
    2. Ariel Rubinstein, 2012. "Lecture Notes in Microeconomic Theory: The Economic Agent Second Edition," Economics Books, Princeton University Press, edition 2, number 9742.
    3. Donald J. Brown & Caterina Calsamiglia, 2014. "Alfred Marshall’s cardinal theory of value: the strong law of demand," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 2(1), pages 65-76, April.
    4. 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.
    5. Bosi, G. & Mehta, G. B., 2002. "Existence of a semicontinuous or continuous utility function: a unified approach and an elementary proof," Journal of Mathematical Economics, Elsevier, vol. 38(3), pages 311-328, November.
    6. Gerard Debreu, 1959. "Topological Methods in Cardinal Utility Theory," Cowles Foundation Discussion Papers 76, Cowles Foundation for Research in Economics, Yale University.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Quasilinear utility; Preferences representation; Cauchy’s functional equation; Connectedness;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis

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