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Independent Preferences

Author

Listed:
  • Karl Vind

    (Institute of Economics, University of Copenhagen)

Abstract

A simple mathematical result characterizing a subset of a product set is proved and used to obtain additive representations of preferences. The additivity consequences of independence assumptions are obtained for preferences which are not total or transitive. This means that most of the economic theory based on additive preferences - expected utility, discounted utility - has been generalized to preferences which are not total or transitive. Other economic applications of the theorem are given.

Suggested Citation

  • Karl Vind, 1987. "Independent Preferences," Discussion Papers 87-04, University of Copenhagen. Department of Economics.
  • Handle: RePEc:kud:kuiedp:8704
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    Citations

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    Cited by:

    1. Denis Bouyssou & Thierry Marchant, 2011. "Subjective expected utility without preferences," Working Papers hal-00606939, HAL.
    2. Bouyssou, Denis & Pirlot, Marc, 2005. "Following the traces:: An introduction to conjoint measurement without transitivity and additivity," European Journal of Operational Research, Elsevier, vol. 163(2), pages 287-337, June.
    3. Yutaka Nakamura, 1997. "Lexicographic Additivity For Multi-Attribute Preferences On Finite Sets," Theory and Decision, Springer, vol. 42(1), pages 1-19, January.
    4. Dino Borie, 2016. "Additively Separable Preferences Without the Completeness Axiom: An Algebraic Approach," GREDEG Working Papers 2016-11, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
    5. Gijs van de Kuilen & Peter P. Wakker, 2011. "The Midweight Method to Measure Attitudes Toward Risk and Ambiguity," Management Science, INFORMS, vol. 57(3), pages 582-598, March.
    6. Ebbe Groes & Hans Jacobsen & Birgitte Sloth & Torben Tranæs, 1999. "Testing the Intransitivity Explanation of the Allais Paradox," Theory and Decision, Springer, vol. 47(3), pages 229-245, December.
    7. Ok, Efe A. & Masatlioglu, Yusufcan, 2007. "A theory of (relative) discounting," Journal of Economic Theory, Elsevier, vol. 137(1), pages 214-245, November.
    8. Grant, Simon & Kajii, Atsushi & Polak, Ben, 2000. "Decomposable Choice under Uncertainty," Journal of Economic Theory, Elsevier, vol. 92(2), pages 169-197, June.
    9. Vind, Karl, 2000. "von Neumann Morgenstern preferences," Journal of Mathematical Economics, Elsevier, vol. 33(1), pages 109-122, February.
    10. Tangian, Andranik, 2004. "A model for ordinally constructing additive objective functions," European Journal of Operational Research, Elsevier, vol. 159(2), pages 476-512, December.
    11. Bouyssou, Denis & Marchant, Thierry, 2010. "Additive conjoint measurement with ordered categories," European Journal of Operational Research, Elsevier, vol. 203(1), pages 195-204, May.
    12. Nakamura, Yutaka, 1998. "Skew-symmetric additive representations of preferences," Journal of Mathematical Economics, Elsevier, vol. 30(3), pages 367-387, October.
    13. Craig Webb, 2013. "Bargaining with subjective mixtures," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 52(1), pages 15-39, January.
    14. repec:hal:journl:halshs-00340374 is not listed on IDEAS
    15. Gerasímou, Georgios, 2010. "Consumer theory with bounded rational preferences," Journal of Mathematical Economics, Elsevier, vol. 46(5), pages 708-714, September.
    16. O’Callaghan, Patrick, 2011. "Context and Decision: Utility on a Union of Mixture Spaces," The Warwick Economics Research Paper Series (TWERPS) 973, University of Warwick, Department of Economics.
    17. Qin, Wei-zhi & Rommeswinkel, Hendrik, 2017. "Conditionally Additive Utility Representations," MPRA Paper 78158, University Library of Munich, Germany.

    More about this item

    Keywords

    consumer demand; household; preference; utility;

    JEL classification:

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

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