The indirect-utility criterion for ranking opportunity sets over time
Summary: A preference defined on a set of alternatives can be extended to a preference on the subsets of alternatives (named opportunity sets) in different ways. We specifically consider the application of the indirect-utility (IU) criterion in various stages, when both the alternatives and the preferences can change over time. In other words, we maintain the symmetry over time as far as criteria are concerned, but neither in the preferences, nor in the alternatives. We characterize this criterion by three testable axioms. Our study bears comparison with \textit{A. Krause} [Econ. Theory 35, No. 1, 147--154 (2008; Zbl 1133.91014)] for the two-period model.
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