On a functional equation arising from comparison of utility representations
The area of applications of functional equations is still enriched. In the present paper it is the question about theory of games, more precisely about utility representations. Let \(c\) be a set of valued consequences, \(f,g,c \), and \(G\) an event. By \((f, G; g)\) is noted an uncertain alternative (binary gamble) in which the holder receives \(f\) if \(G\) occurs and receives \(g\) if it does not. A ``utility function \(U\) maps the set of all such gambles and consequences onto the half-open interval \([0,k)\), and a ``weighting function \(W\) maps the set of all events into the closed interval \([0,1]\). One has a ``utility representation if \(U[(f, G; g)]=M[U(f), U(g),W(G)]\). By suitable reasoning intending the ``mathematization of the area of applications and by suitable notations the authors attain the functional equation \(F_1(t+s)=F_2[F_3(t) + F_4(s)]\) where the functions are real and defined on intervals, \(F_2\) strictly monotonic and \(F_3\) is continuous. The authors solve the equation under conditions originated in applications, offering detailed proofs.
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