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In this paper we derive a numerical representation for general complete preferences respecting the following two principles: a) more is better than less, b) averages are better than extremes. To be able to distinguish between risk and ambiguity we work in an Anscombe-Aumann framework. Our main...
Persistent link: https://www.econbiz.de/10013027194
Persistent link: https://www.econbiz.de/10011665079
This work provides an axiomatic framework to the concept of conditional preference orders based on conditional sets. Conditional numerical representations of such preference orders are introduced and a conditional version of the theorems of Debreu about the existence of such numerical...
Persistent link: https://www.econbiz.de/10013032137