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On the Continuity of Expected Utility

Author

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  • Balder, Erik J
  • Yannelis, Nicholas C

Abstract

We provide necessary and sufficient conditions for weak (semi)continuity of the expected utility. Such conditions are also given for the weak compactness of the domain of the expected utility. Our results have useful applications in cooperative solution concepts in economies and games with differential information, in noncooperative games with differential information and in principal-agent problems.

Suggested Citation

  • Balder, Erik J & Yannelis, Nicholas C, 1993. "On the Continuity of Expected Utility," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(4), pages 625-643, October.
    • Handle: RePEc:spr:joecth:v:3:y:1993:i:4:p:625-43
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    Citations

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    Cited by:

    1. Page Jr., Frank H., 2008. "Catalog competition and stable nonlinear prices," Journal of Mathematical Economics, Elsevier, vol. 44(7-8), pages 822-835, July.
    2. Berliant, Marcus & Dunz, Karl, 1995. "Existence of equilibrium with nonconvexities and finitely many agents," Journal of Mathematical Economics, Elsevier, vol. 24(1), pages 83-93.
    3. Stefan Krasa & Nicholas C. Yannelis, 2005. "Existence and properties of a value allocation for an economy with differential information," Studies in Economic Theory, in: Dionysius Glycopantis & Nicholas C. Yannelis (ed.), Differential Information Economies, pages 527-540, Springer.
    4. Carlos Hervés-Beloso & V. Martins-da-Rocha & Paulo Monteiro, 2009. "Equilibrium theory with asymmetric information and infinitely many states," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 38(2), pages 295-320, February.
    5. Noguchi, Mitsunori, 2009. "Existence of Nash equilibria in large games," Journal of Mathematical Economics, Elsevier, vol. 45(1-2), pages 168-184, January.
    6. Kim, Taesung & Yannelis, Nicholas C., 1997. "Existence of Equilibrium in Bayesian Games with Infinitely Many Players," Journal of Economic Theory, Elsevier, vol. 77(2), pages 330-353, December.
    7. Einy, Ezra & Haimanko, Ori, 2020. "Equilibrium existence in games with a concave Bayesian potential," Games and Economic Behavior, Elsevier, vol. 123(C), pages 288-294.
    8. Carlier, Guillaume & Zhang, Kelvin Shuangjian, 2020. "Existence of solutions to principal–agent problems with adverse selection under minimal assumptions," Journal of Mathematical Economics, Elsevier, vol. 88(C), pages 64-71.
    9. William B. Haskell & Wenjie Huang & Huifu Xu, 2018. "Preference Elicitation and Robust Optimization with Multi-Attribute Quasi-Concave Choice Functions," Papers 1805.06632, arXiv.org.
    10. Nicholas Yannelis, 2009. "Debreu’s social equilibrium theorem with asymmetric information and a continuum of agents," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 38(2), pages 419-432, February.
    11. Einy, Ezra & Haimanko, Ori, 2023. "Pure-strategy equilibrium in Bayesian potential games with absolutely continuous information," Games and Economic Behavior, Elsevier, vol. 140(C), pages 341-347.
    12. Angelos Angelopoulos & Leonidas Koutsougeras, 2015. "Value allocation under ambiguity," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 59(1), pages 147-167, May.
    13. Timothy Van Zandt & Kaifu Zhang, 2011. "A theorem of the maximin and applications to Bayesian zero-sum games," International Journal of Game Theory, Springer;Game Theory Society, vol. 40(2), pages 289-308, May.
    14. Noguchi, Mitsunori, 2018. "Alpha cores of games with nonatomic asymmetric information," Journal of Mathematical Economics, Elsevier, vol. 75(C), pages 1-12.
    15. repec:dau:papers:123456789/2346 is not listed on IDEAS
    16. Ezra Einy & Ori Haimanko & Diego Moreno & Benyamin Shitovitz, 2008. "Uniform Continuity of the Value of Zero-Sum Games with Differential Information," Mathematics of Operations Research, INFORMS, vol. 33(3), pages 552-560, August.
    17. Klishchuk, Bogdan, 2015. "New conditions for the existence of Radner equilibrium with infinitely many states," Journal of Mathematical Economics, Elsevier, vol. 61(C), pages 67-73.

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