Expected utility for probabilistic prospects and the common ratio property
We prove the existence of an expected utility function for preferences over probabilistic prospects satisfying Strict Monotonicity, Indifference, the Common Ratio Property, Substitution and Reducibility of Extreme Prospects. The example in [1] that is inconsistent with the existence of a von Neumann...
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| Format: | Article |
| Language: | English |
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University of Belgrade
2023-01-01
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| Series: | Yugoslav Journal of Operations Research |
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| Online Access: | https://doiserbia.nb.rs/img/doi/0354-0243/2023/0354-02432300006L.pdf |