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Representation of strongly independent preorders by vector-valued functions

Author

Listed:
  • McCarthy, David
  • Mikkola, Kalle
  • Thomas, Teruji

Abstract

We show that without assuming completeness or continuity, a strongly independent preorder on a possibly infinite dimensional convex set can always be given a vector-valued representation that naturally generalizes the standard expected utility representation. More precisely, it can be represented by a mixture-preserving function to a product of lexicographic function spaces.

Suggested Citation

  • McCarthy, David & Mikkola, Kalle & Thomas, Teruji, 2017. "Representation of strongly independent preorders by vector-valued functions," MPRA Paper 80806, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:80806
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    File URL: https://mpra.ub.uni-muenchen.de/80806/1/MPRA_paper_80806.pdf
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    References listed on IDEAS

    as
    1. McCarthy, David & Mikkola, Kalle & Thomas, Teruji, 2017. "Representation of strongly independent preorders by sets of scalar-valued functions," MPRA Paper 79284, University Library of Munich, Germany.
    2. D. Borie, 2016. "Lexicographic expected utility without completeness," Theory and Decision, Springer, vol. 81(2), pages 167-176, August.
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    Cited by:

    1. repec:eee:matsoc:v:93:y:2018:i:c:p:141-145 is not listed on IDEAS
    2. McCarthy, David & Mikkola, Kalle & Thomas, Teruji, 2017. "Aggregation for general populations without continuity or completeness," MPRA Paper 80820, University Library of Munich, Germany.
    3. McCarthy, David & Mikkola, Kalle & Thomas, Teruji, 2017. "Representation of strongly independent preorders by sets of scalar-valued functions," MPRA Paper 79284, University Library of Munich, Germany.

    More about this item

    Keywords

    Expected utility; discontinuous preferences; incomplete preferences; lexicographic representations;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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