Expected utility, independence and continuity
Expected utility, independence and continuity
In this paper, we provide two novel expected utility theorems by suitably adjusting
the independence and continuity axioms. Our first theorem characterizes expected
utility preferences using weak versions of the independence axiom (with varying
mixture weights) and a new weak continuity axiom. Our second theorem characterizes these preferences using weaker versions of the independence axiom (with mixture weights fixed at 1/2) and a strong topological continuity axiom. We provide useful examples to illustrate the tightness of these characterizations.
expected utility, independence, continuity, even-chance mixtures
Ozbek, Kemal
e7edfcf5-cb17-4e64-bfa4-30fb527d2e46
Ozbek, Kemal
e7edfcf5-cb17-4e64-bfa4-30fb527d2e46
Ozbek, Kemal
(2023)
Expected utility, independence and continuity.
Theory and Decision.
(In Press)
Abstract
In this paper, we provide two novel expected utility theorems by suitably adjusting
the independence and continuity axioms. Our first theorem characterizes expected
utility preferences using weak versions of the independence axiom (with varying
mixture weights) and a new weak continuity axiom. Our second theorem characterizes these preferences using weaker versions of the independence axiom (with mixture weights fixed at 1/2) and a strong topological continuity axiom. We provide useful examples to illustrate the tightness of these characterizations.
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Accepted/In Press date: 15 October 2023
Keywords:
expected utility, independence, continuity, even-chance mixtures
Identifiers
Local EPrints ID: 483477
URI: http://eprints.soton.ac.uk/id/eprint/483477
ISSN: 0040-5833
PURE UUID: 1f4ab565-8be0-4c6e-a13f-3a138897fe5c
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Date deposited: 31 Oct 2023 18:01
Last modified: 18 Mar 2024 03:55
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