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Continuity and Completeness under Risk

  • Juan Dubra

    ()

    (Universidad de Montevideo)

Suppose some non-degenerate preferences R, with strict part P, over risky outcomes satisfy Independence. Then, when they satisfy any two of the following axioms, they satisfy the third. Herstein-Milnor: for all lotteries p,q,r, the set of a's for which ap+(1-a)qRr is closed. Archimedean: for all p,q,r there exists a>0 such that if pPq, then ap+(1-a)rPq. Complete: for all p,q, either pRq or qRp.

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File URL: http://www.um.edu.uy/docs/working_paper_um_cee_2010_04.pdf
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Paper provided by Facultad de Ciencias Empresariales y Economia. Universidad de Montevideo. in its series Documentos de Trabajo/Working Papers with number 1004.

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Date of creation: 2010
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Handle: RePEc:mnt:wpaper:1004
Contact details of provider: Postal: Prudencio de Pena 2440, Montevideo 11600
Web page: http://www.um.edu.uy/cee/

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  1. Karni, Edi, 2007. "Archimedean and continuity," Mathematical Social Sciences, Elsevier, vol. 53(3), pages 332-334, May.
  2. Juan Dubra & Fabio Maacheroni & Efe A. Ok, 2001. "Expected Utility Theory without the Completeness Axiom," Cowles Foundation Discussion Papers 1294, Cowles Foundation for Research in Economics, Yale University.
  3. Schmeidler, David, 1971. "A Condition for the Completeness of Partial Preference Relations," Econometrica, Econometric Society, vol. 39(2), pages 403-04, March.
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