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- Title
Expected utility from additive utility on semigroups.
- Authors
Candeal, Juan; De Miguel, Juan; Induráin, Esteban
- Abstract
In the present paper we study the framework of additive utility theory, obtaining new results derived from a concurrence of algebraic and topological techniques. Such techniques lean on the concept of a connected topological totally ordered semigroup. We achieve a general result concerning the existence of continuous and additive utility functions on completely preordered sets endowed with a binary operation ``+'', not necessarily being commutative or associative. In the final part of the paper we get some applications to expected utility theory, and a representation theorem for a class of complete preorders on a quite general family of real mixture spaces.
- Subjects
SEMIGROUPS (Algebra); GROUP theory; UTILITY theory; ADDITIVE functions; EXPECTED utility
- Publication
Theory & Decision, 2002, Vol 53, Issue 1, p87
- ISSN
0040-5833
- Publication type
Article
- DOI
10.1023/A:1020807903939