| Institution: | Department of Pure Mathematics, University of Waterloo, Waterloo, Ontario, Canada N2L 3G1 ; Institute of Mathematics and Informatics, University of Debrecen, H-4010 Debrecen, Pf. 12, Hungary ; Department of Pure Mathematics, University of Waterloo, Waterloo, Ontario, Canada N2L 3G1 ; Institute of Mathematics and Informatics, University of Debrecen, H-4010 Debrecen, Pf. 12, Hungary |
| Abstract: | All strictly monotonic solutions of a general functional equation are determined. In a particular case, which plays an essential role in the axiomatization of rank-dependent expected utility, all nonnegative solutions are obtained without any regularity conditions. An unexpected possibility of reduction to convexity makes the present proof possible. |
