Additive representation for preferences over menus in finite choice settings

Leandro Gorno
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Leandro Gorno: Princeton University

No 1292, Working Papers from Princeton University, Department of Economics, Econometric Research Program.

Abstract: This paper proves that every preference relation over the set of all menus from a finite set has an additive representation. The result implies that Kreps ordinal submodularity condition is not needed when both preferences for flexibility and preference for commitment are permitted. It is also shown that any preference over menus from a finite set can be extended to a linear and continuous preference over menus of lotteries. It follows that the von Neumann-Morgenstern assumptions of the Dekel-Lipman-Rustichini model are inessential for the additive representation of menu preferences.

Keywords: Dynamic choice; Preference for flexibility; Preference for commitment (search for similar items in EconPapers)
JEL-codes: C01 D01 D11 H31 (search for similar items in EconPapers)
Date: 2010-12
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