It is widely held that under ordinal utility, utility differences are ill-defined. Allegedly, for these to be well … of the traditional binary relations underlying ordinal utility functions. Correlatively, it is also widely held that the … would be, in a nutshell, the hallmark of cardinal utility. While much is obviously true in these two tenets, this note …

Many studies document failures of expected utility’s key assumption, the independence axiom. Here, we show that …