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The Projective Independence Axiom

Author

Listed:
  • Chew, Soo Hong
  • Epstein, Larry G
  • Segal, Uzi

Abstract

A new axiom for preference orderings over lotteries, called the projective independence axiom, is formulated. Given suitable continuity and monotonicity assumptions, the axiom implies that utility is either in the weighted utility class or is quadratic in probabilities. The betweeness axiom is used to distinguish between these two classes of functions.

Suggested Citation

  • Chew, Soo Hong & Epstein, Larry G & Segal, Uzi, 1994. "The Projective Independence Axiom," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 4(2), pages 189-215, March.
  • Handle: RePEc:spr:joecth:v:4:y:1994:i:2:p:189-215
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    Cited by:

    1. Aurélien Baillon & Han Bleichrodt & Vitalie Spinu, 2020. "Searching for the Reference Point," Management Science, INFORMS, vol. 66(1), pages 93-112, January.
    2. David Dillenberger & Colin Raymond, 2016. "Group-Shift and the Consensus Effect, Second Version," PIER Working Paper Archive 16-015, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 30 Sep 2016.
    3. Kin Chung Lo, 1996. "Weighted and quadratic models of choice under uncertainty," Economics Letters, Elsevier, vol. 50(3), pages 381-386, March.
    4. Safra, Zvi & Segal, Uzi, 1995. "How complicated are betweenness preferences?," Journal of Mathematical Economics, Elsevier, vol. 24(4), pages 371-381.
    5. Christopher P. Chambers & Yusufcan Masatlioglu & Collin Raymond, 2023. "Coherent Distorted Beliefs," Papers 2310.09879, arXiv.org.
    6. O'Callaghan, Patrick, 2017. "Axioms for Measuring without mixing apples and Oranges," MPRA Paper 81196, University Library of Munich, Germany.
    7. Dillenberger, David & Raymond, Collin, 2019. "On the consensus effect," Journal of Economic Theory, Elsevier, vol. 183(C), pages 384-416.

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