A characterization of Cesàro average utility

Marcus Pivato

Journal of Economic Theory, 2022, vol. 201, issue C

Abstract: Let X be a connected metric space, and let ⪰ be a weak order defined on a suitable subset of XN. We characterize when ⪰ has a Cesàro average utility representation. This means that there is a continuous real-valued function u on X such that, for all sequences x=(xn)n=1∞ and y=(yn)n=1∞ in the domain of ⪰, we have x⪰y if and only if the limit as N→∞ of the average value of u(x1),…,u(xN) is higher than limit as N→∞ of the average value of u(y1),…,u(yN). This has applications to decision theory, game theory, and intergenerational social choice.

Keywords: Subjective expected utility; Insufficient reason; Intertemporal choice; Infinite patience; Intergenerational social choice; Cesàro mean (search for similar items in EconPapers)
JEL-codes: D63 D71 D81 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:201:y:2022:i:c:s0022053122000308

DOI: 10.1016/j.jet.2022.105440

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