Continuity and completeness under risk
Juan Dubra ()
Mathematical Social Sciences, 2011, vol. 61, issue 1, 80-81
Suppose some non-degenerate preferences R, with strict part P, over risky outcomes satisfy Independence. Then, when they satisfy any two of the following axioms, they satisfy the third. Herstein-Milnor: for all lotteries p,q,r, the set of a's for which ap+(1-a)qRr is closed. Archimedean: for all p,q,r there exists a>0 such that if pPq, then ap+(1-a)rPq. Complete: for all p,q, either pRq or qRp.
Keywords: Incomplete; preferences; Independence; axiom; Archimedean; property (search for similar items in EconPapers)
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Working Paper: Continuity and Completeness under Risk (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:matsoc:v:61:y:2011:i:1:p:80-81
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