Expected utility without continuity: a comment on Delbaen et al. (2011)
type: Item
instance of: scholarly article
title: Expected utility without continuity: a comment on Delbaen et al. (2011)
zbMATH Open document ID: 1262.91062
author: Vitalie Spinu
author: Peter P. Wakker
published in: Journal of Mathematical Economics
publication date: 2013-03-06T00:00:00Z
full work available at URL: http://repub.eur.nl/pub/37908
review text: 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.
reviewed by: Jonas Šiaulys
Mathematics Subject Classification ID: 91B16
zbMATH DE Number: 6142215
zbMATH Keywords: expected utility
zbMATH Keywords: von Neumann-Morgenstern independence
zbMATH Keywords: finite additivity
zbMATH Keywords: unbounded utility
zbMATH Keywords: truncation-continuity
MaRDI profile type: MaRDI publication profile
OpenAlex ID: W2070898296
DOI: 10.1016/J.JMATECO.2012.09.005
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description: scientific article; zbMATH DE number 6142215