Kothiyal,A.
Spinu,V.
Wakker,P.P.

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.

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

Publication year	2014
Document type:	Article
Publication status:	Published
External URL:	http://dx.doi.org/10.1287/opre.2013.1230 View
Categories:
Keywords:	decisdecision analysismathematics functionsmultiattributemultiple criteriautilitydecisdecision analysismathematics functionsmultiattributemultiple criteriautility