Definable utility in o-minimal structures.

DOI10.1016/S0304-4068(99)00035-XMaRDI QIDQ1587385zbMATH OpenFDO

Authors Marcel K. Richter, Kam-Chau Wong

Publication date 2000

Published in Journal of Mathematical Economics (Search for Journal in Brave)

Full work available at URL http://purl.umn.edu/55816

zbMATH Keywords

continuous and upper semi-continuous definable preferencesdefinable utility representationsreal closed ordered fieldstame topology of \(o\)-minimal expansious

Mathematics Subject Classification ID

Individual preferences (91B08) Utility theory (91B16)

Review text

The authors obtain definable utility representations for both continuous and upper semi-continuous definable preferences in the tame topology of \(o\)-minimal expansious of real closed ordered fields \textit{A. Pillay} and \textit{C. Steinhorn} [Am. Math. Soc. 295, 565--592 (1986; Zbl 0662.03023)], \textit{J. E. Knight}, \textit{A. Pillay} and \textit{C. Steinhorn} [ibid. 295, 593--605 (1986; Zbl 0662.03024)]. The applications of such preferences provided are in establishing local determinacy of competitive equilibrium and in modeling bounded rationality. The proofs are based on geometric properties of definable sets and provide alternative methods to the classical methods of Debreu, Rader and Arrow and Hahn. Finally, the results are shown to extend Theorem I in [\textit{L. Blume} and \textit{W. Zame}. The algebraic geometry of competitive equilibrium, In: W. Neuefeind and R. G. Riezman (eds.), Economic theory and International trade: Essays in Memoriam J. Trout Rader, Springer-Verlag Berlin (1992)].

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Cites work

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• scientific article; zbMATH DE number 3937151 (Why is no real title available?)
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(1)

• The structure of Nash equilibria in Poisson games

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