Continuous representation of von Neumann-Morgenstern preferences

DOI10.1016/0304-4068(90)90024-4MaRDI QIDQ2277121zbMATH OpenOpenAlexFDO

Authors Mitsunobu Miyake

Publication date 1990

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

Full work available at URL https://doi.org/10.1016/0304-4068(90)90024-4

zbMATH Keywords

axiomatic approachclosed convergence topologyjointly continuous expected utility functionspace of preferencesuniqueness

Mathematics Subject Classification ID

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

Review text

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.

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Cited in

(10)

• On the incentive properties of multi-item auctions.
• On the jointly continuous utility representation problem
• Axioms for parametric continuity of utility when the topology is coarse
• Neural networks for non-independent lotteries
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• scientific article; zbMATH DE number 3902354 (Why is no real title available?)
• Von Neumann-Morgenstern Utilities and Cardinal Preferences
• Continuous utility representation of fuzzy preferences
• A note on the integral representation of the value function
• Lipschitz Bernoulli Utility Functions

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