Average utility maximation: A preference foundation (2014)
Authors
Abstract
This paper provides necessary and sufficient preference conditions for average utility maximization over sequences of variable length. We obtain full generality by using a new algebraic technique that exploits the richness structure naturally provided by the variable length of the sequences. Thus we generalize many preceding results in the literature. For example, continuity in outcomes, a condition needed in other approaches, now is an option rather than a requirement. Applications to expected utility, decisions under ambiguity, welfare evaluations for variable population size, discounted utility, and quasilinear means in functional analysis are presented.
Bibliographic entry
Kothiyal, A., Spinu, V., & Wakker, P. P. (2014). Average utility maximation: A preference foundation. Operations Research, 62, 207-218. doi: 10.1287/opre.2013.1230
Miscellaneous
| Publication year | 2014 | |
|---|---|---|
| Document type: | Article | |
| Publication status: | Published | |
| External URL: | http://dx.doi.org/ 10.1287/opre.2013.1230 View | |
| Categories: | Expected Utility | |
| Keywords: |