Coalescing, Event Commutativity, and Theories of Utility

R Duncan Luce

Journal of Risk and Uncertainty, 1998, vol. 16, issue 1, 87-114

Abstract: Preferences satisfying rank-dependent utility exhibit three necessary properties: coalescing (forming the union of events having the same consequence), status-quo event commutativity, and rank-dependent additivity. The major result is that, under a few additional, relatively non-controversial, necessary conditions on binary gambles and assuming mappings are onto intervals, the converse is true. A number of other utility representations are checked for each of these three properties (see Table 2, Section 7). Copyright 1998 by Kluwer Academic Publishers

Date: 1998
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