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Additive utility with intransitive indifference and without independence: A homogeneous case

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Abstract

In the homogeneous case of one type of goods or objects, we prove the existence of an additive utility function without assuming transitivity of indifference and independence. The representation reveals a positive factor smaller than 1 that infuences rational choice beyond the utility function and explains departures from these standard axioms of utility theory (factor equals to 1).

Suggested Citation

  • Marc Le Menestrel & Bertrand Lemaire, 2002. "Additive utility with intransitive indifference and without independence: A homogeneous case," Economics Working Papers 628, Department of Economics and Business, Universitat Pompeu Fabra.
  • Handle: RePEc:upf:upfgen:628
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    References listed on IDEAS

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    1. Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.
    2. Amartya Sen, 1997. "Maximization and the Act of Choice," Econometrica, Econometric Society, vol. 65(4), pages 745-780, July.
    3. Peter Fishburn & Peter Wakker, 1995. "The Invention of the Independence Condition for Preferences," Management Science, INFORMS, vol. 41(7), pages 1130-1144, July.
    4. Marc Le Menestrel & Luk Van Wassenhove, 2001. "The Domain and Interpretation of Utility Functions: An Exploration," Theory and Decision, Springer, vol. 51(2), pages 329-349, December.
    5. Marc Le Menestrel, 2001. "A Process Approach to the Utility for Gambling," Theory and Decision, Springer, vol. 50(3), pages 249-262, May.
    6. Marc Le Menestrel, 2003. "A one-shot Prisoners’ Dilemma with procedural utility," Economics Working Papers 819, Department of Economics and Business, Universitat Pompeu Fabra.
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    More about this item

    Keywords

    Rationality; utility; maximization;

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • D00 - Microeconomics - - General - - - General

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