Unbounded expected utility and continuity |
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| Authors: | Lars Tyge Nielsen |
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| Affiliation: | Department of Economics, Harvard University, Cambridge, MA 02138, U.S.A. |
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| Abstract: | ![]()
This paper develops an axiom system for expected utility in a setting wherepreferences are defined directly on probability distributions of outcomes. The axioms do not imply boundedness of the utility function. The approach is topological, and conditions for continuity of the utility function are brought out. |
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| Keywords: | Preferences axioms utility unbounded utility expected utility continuous utility |
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