Representation of strongly independent preorders by vector-valued functions
Kalle Mikkola and
MPRA Paper from University Library of Munich, Germany
We show that without assuming completeness or continuity, a strongly independent preorder on a possibly infinite dimensional convex set can always be given a vector-valued representation that naturally generalizes the standard expected utility representation. More precisely, it can be represented by a mixture-preserving function to a product of lexicographic function spaces.
Keywords: Expected utility; discontinuous preferences; incomplete preferences; lexicographic representations (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
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