Continuous representation of von Neumann-Morgenstern preferences (Q2277121): Difference between revisions

This paper begins with the axiomatic approach provided by \textit{Y. Grandmont} [J. Econ. Theory 4, 45-57 (1972)] and equips the space of preferences with the closed convergence topology and considers their continuous representation by expected utilities. By using a method based on the contribution of \textit{J.-M. Kannai} [Econometrica 38, 791-815 (1970; Zbl 0222.90004)], the existence of a jointly continuous expected utility function and its uniqueness for the full class of von Neumann- Morgenstern preferences are shown. The utility function so constructed is also shown to establish an embedding map of a class of von Neumann- Morgenstern preferences into the set of expected utility functions.