On continuity of incomplete preferences |
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Authors: | Georgios Gerasimou |
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Institution: | 1. School of Economics and Finance, University of St Andrews, St Andrews, Fife, Scotland, UK
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Abstract: | A weak (strict) preference relation is continuous if it has a closed (open) graph; it is hemicontinuous if its upper and lower contour sets are closed (open). If preferences are complete these four conditions are equivalent. Without completeness continuity in each case is stronger than hemicontinuity. This paper provides general characterizations of continuity in terms of hemicontinuity for weak preferences that are modeled as (possibly incomplete) preorders and for strict preferences that are modeled as strict partial orders. Some behavioral implications associated with the two approaches are also discussed. |
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