Likelihood relations and stochastic preferences

Marcel Richter and Kam-Chau Wong

Journal of Mathematical Economics, 2016, vol. 62, issue C, 28-35

Abstract: We define the concept of a qualitative, non-numerical relative likelihood relation, to capture the intuition that “it is at least as likely that a is preferred to b, as that c is preferred to d.” We provide necessary and sufficient conditions for this concept to be a basis for the numerical concept of a stochastic preference, which is a numerical probability measure on the set of deterministic preferences.

Keywords: Likelihood; Quaternary relation; Stochastic preference; Dissimilarity; Non-transitive preference (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:62:y:2016:i:c:p:28-35

DOI: 10.1016/j.jmateco.2015.10.009

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