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The study of complexity and optimization in decision theory involves both partial and complete characterizations of preferences over decision spaces in terms of real-valued monotones. With this motivation, and following the recent introduction of new classes of monotones, like injective...
Persistent link: https://www.econbiz.de/10015210612
We introduce a new class of real-valued monotones in preordered spaces, injective monotones. We show that the class of preorders for which they exist lies in between the class of preorders with strict monotones and preorders with countable multi-utilities, improving upon the known classification...
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We introduce a new kind of representation of a not necessarily total preorder, called strong multi-utility representation, according to which not only the preorder itself but also its strict part is fully represented by a family of multi-objective functions. The representability by means of...
Persistent link: https://www.econbiz.de/10011259911
Many violations of the Independence axiom of Expected Utility can be traced to subjects' attraction to risk-free prospects. Negative Certainty Independence, the key axiom in this paper, formalizes this tendency. Our main result is a utility representation of all preferences over monetary...
Persistent link: https://www.econbiz.de/10010822868
Let (X,t) be a topological space. Then a preorder ≾ on (X,t) has a continuous multi-utility representation if there exists a family F of continuous and isotonic real-valued functions f on (X,≾,t) such that for all x∈X and all y∈X the inequalities x≾y mean that for all f∈F the...
Persistent link: https://www.econbiz.de/10011065407
Many violations of the Independence axiom of Expected Utility can be traced to subjects' attraction to risk-free prospects. The key axiom in this paper, Negative Certainty Independence (Dillenberger, 2010), formalizes this tendency. Our main result is a utility representation of all preferences...
Persistent link: https://www.econbiz.de/10010743117
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