http://hdl.handle.net/1765/37908
http://dx.doi.org/10.1016/j.jmateco.2012.09.005
scopus: 84867600333
http://dx.doi.org/10.1016/j.jmateco.2012.09.005
scopus: 84867600333
Expected utility without continuity: A comment on Delbaen et al. (2011)
2012-10-24
Article
(Includes Accepted Author Manuscript)
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This paper presents preference axiomatizations of expected utility for nonsimple lotteries while avoiding continuity constraints. We use results by Fishburn (1975), Wakker (1993), and Kopylov (2010) to generalize results by Delbaen et al. (2011). We explain the logical relations between these contributions for risk versus uncertainty, and for finite versus countable additivity, indicating what are the most general axiomatizations of expected utility existing today.
Keywords
- Expected utility
- Finite additivity
- Truncation-continuity
- Unbounded utility
- Von Neumann-Morgenstern independence
Automatically Extracted Terms
- lottery
- fishburn
- preference
- theorem
- result
- countably additive lotteries
- outcome
- condition
- axiom
- utility
- additive
- continuity
- wakker
- dominance
- domain
- kopylov
- … nite additivity
- section
- countable additivity
- contradiction
