On expected utility theorems on mixture sets

Tsogbadral Galaabaatar

Economics Letters, 2020, vol. 197, issue C

Abstract: This note discusses expected utility theorems on mixture sets by Herstein and Milnor (1953) and Fishburn (1970). We show that the Archimedean axiom in Fishburn’s expected utility theorem can be weakened to a one-sided Archimedean axiom. We also show that the mixture continuity and transitivity axioms in Herstein–Milnor expected utility theorem can be further weakened under the strong independence axiom.

Keywords: Archimedean axiom; Mixture continuity; Expected utility; Mixture set (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0165176520303682
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:197:y:2020:i:c:s0165176520303682

DOI: 10.1016/j.econlet.2020.109608

Access Statistics for this article

Economics Letters is currently edited by Economics Letters Editorial Office

More articles in Economics Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().