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.

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Journal of Mathematical Economics
Erasmus Research Institute of Management

Spinu, V., & Wakker, P. (2013). Expected utility without continuity: A comment on Delbaen et al. (2011). Journal of Mathematical Economics, 49(1), 28–30. doi:10.1016/j.jmateco.2012.09.005