The Projective Independence Axiom
Soo Hong Chew (),
Larry Epstein () and
Uzi Segal ()
Economic Theory, 1994, vol. 4, issue 2, 189-215
A new axiom for preference orderings over lotteries, called the projective independence axiom, is formulated. Given suitable continuity and monotonicity assumptions, the axiom implies that utility is either in the weighted utility class or is quadratic in probabilities. The betweeness axiom is used to distinguish between these two classes of functions.
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