A Teaching Note on a Theorem due to Kreps (1979)

Somdeb Lahiri

Studies in Microeconomics, 2015, vol. 3, issue 2, 214-219

Abstract: Abstract In this note we are concerned with the proof of a theorem due to Kreps (1979) which goes thus: A reflexive, complete and transitive preference relation over a collection of intertemporal opportunities such that the available set of second period opportunity sets associated with each first period alternative is closed under unions can be represented as a sum of a finite number of indirect utility functions, if and only if two reasonably harmless properties are satisfied. We provide a tidy presentation of the original proof.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:sae:miceco:v:3:y:2015:i:2:p:214-219

DOI: 10.1177/2321022215614969

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