Additive utility with intransitive indifference and without independence: A homogeneous case
Marc Le Menestrel () and
Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra
In the homogeneous case of one type of goods or objects, we prove the existence of an additive utility function without assuming transitivity of indifference and independence. The representation reveals a positive factor smaller than 1 that infuences rational choice beyond the utility function and explains departures from these standard axioms of utility theory (factor equals to 1).
Keywords: Rationality; utility; maximization (search for similar items in EconPapers)
JEL-codes: A00 B40 C00 D00 (search for similar items in EconPapers)
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