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Continuity and completeness of strongly independent preorders

David McCarthy and Mikkola Kalle

MPRA Paper from University Library of Munich, Germany

Abstract: A strongly independent preorder on a possibly infinite dimensional convex set that satisfies two of the following conditions must satisfy the third: (i) the Archimedean continuity condition; (ii) mixture continuity; and (iii) comparability under the preorder is an equivalence relation. In addition, if the preorder is nontrivial (has nonempty asymmetric part) and satisfies two of the following conditions, it must satisfy the third: (i') a modest strengthening of the Archimedean condition; (ii) mixture continuity; and (iii') completeness. Applications to decision making under conditions of risk and uncertainty are provided.

Keywords: Continuity; Completeness; Archimedean; Strong; independence; Expected; utility (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mic and nep-upt
Date: 2017-06-17
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https://mpra.ub.uni-muenchen.de/79755/1/MPRA_paper_79755.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/79757/1/MPRA_paper_79755.pdf revised version (application/pdf)

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Journal Article: Continuity and completeness of strongly independent preorders (2018) Downloads
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