Expected Utility Without Assuming Continuity

Gerrit Bauch

Papers from arXiv.org

Abstract: I provide an axiomatization of expected utility in which topological continuity is replaced by a geometric axiom. The axiom requires a finite set of indifferent lotteries that span a hyperplane. In the case of three prizes, two indifferent lotteries suffice. The axiom is weaker than Solvability, as well as logically independent of Weak Continuity and the Archimedean axiom.

Date: 2024-11, Revised 2026-07
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