Expected utility without continuity: a comment on Delbaen et al. (2011) (Q1940388)

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scientific article; zbMATH DE number 6142215
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    Expected utility without continuity: a comment on Delbaen et al. (2011)
    scientific article; zbMATH DE number 6142215

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      Expected utility without continuity: a comment on Delbaen et al. (2011) (English)
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      6 March 2013
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      This paper presents preference axiomatizations of expected utility for non-simple lotteries while avoiding continuity constraints. The authors use results of \textit{P. C. Fishburn} [Ann. Stat. 3, 884--896 (1975; Zbl 0311.62001)]; \textit{P. Wakker} [Math. Oper. Res. 18, No. 2, 446--485 (1993; Zbl 0797.90007)] and \textit{I. Kopylov} [J. Math. Econ. 46, No. 5, 867--876 (2010; Zbl 1232.60005)] to generalize results of \textit{F. Delbaen} et al. [J. Math. Econ. 47, No. 4--5, 401--408 (2011; Zbl 1241.91049)]. The relations between different expected utility derivations are shown in the paper. The results of Delbaen et al. are generalized to general (possible unrealistic) outcomes and to more general lottery domains.
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      expected utility
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      von Neumann-Morgenstern independence
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      finite additivity
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      unbounded utility
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      truncation-continuity
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