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Expected Utility Without Assuming Continuity

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  • Bauch, Gerrit

    (Center for Mathematical Economics, Bielefeld University)

Abstract

I provide an axiomatization of expected utility in which topological continuity is replaced by a geometric axiom. The axiom requires a finite set of indifferent lotteries that span a hyperplane. In the case of three prizes, two indifferent lotteries suffice. The axiom is weaker than Solvability, as well as logically independent of Weak Continuity and the Archimedean axiom.

Suggested Citation

  • Bauch, Gerrit, 2026. "Expected Utility Without Assuming Continuity," Center for Mathematical Economics Working Papers 768, Center for Mathematical Economics, Bielefeld University.
    • Handle: RePEc:bie:wpaper:768
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    File URL: https://pub.uni-bielefeld.de/download/3018688/3018689
    File Function: First Version, 2026
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