 An additively separable representation in the Savage frameworkBrian Hill () Journal of Economic Theory, 2010, vol. 145, issue 5, 2044-2054 Abstract: This paper proposes necessary and sufficient conditions for an additively separable representation of preferences in the Savage framework (where the objects of choice are acts: measurable functions from an infinite set of states to a potentially finite set of consequences). A preference relation over acts is represented by the integral over the subset of the product of the state space and the consequence space which corresponds to the act, where this integral is calculated with respect to an evaluation measure on this space. The result requires neither Savage's P3 (monotonicity) nor his P4 (weak comparative probability). Nevertheless, the representation it provides is as useful as Savage's for many economic applications. Keywords: Expected; utility; Additive; representation; State-dependent; utility; Monotonicity (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:145:y:2010:i:5:p:2044-2054 Access Statistics for this article Journal of Economic Theory is currently edited by A. Lizzeri and K. Shell More articles in Journal of Economic Theory from Elsevier |
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