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Closure and preferences

Christopher Chambers, Alan Miller () and M. Bumin Yenmez ()

Journal of Mathematical Economics, 2020, vol. 88, issue C, 161-166

Abstract: We investigate the results of Kreps (1979), dropping his completeness axiom. As an added generalization, we work on arbitrary lattices, rather than a lattice of sets. We show that one of the properties of Kreps is intimately tied with representation via a closure operator. That is, a preference satisfies Kreps’ axiom (and a few other mild conditions) if and only if there is a closure operator on the lattice, such that preferences over elements of the lattice coincide with dominance of their closures. We tie the work to recent literature by Richter and Rubinstein (2015).

Keywords: Menu; Kreps; Closure (search for similar items in EconPapers)
Date: 2020
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Working Paper: Closure and Preferences (2015) Downloads
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DOI: 10.1016/j.jmateco.2020.03.008

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Handle: RePEc:eee:mateco:v:88:y:2020:i:c:p:161-166