Coalescing,Event Commutativity,and Theories of Utility |
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Authors: | Luce R |
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Institution: | (1) University of California, Social Science Plaza, Irvine, CA, 92697-5100 |
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Abstract: | Preferences satisfying rank-dependent utility exhibit three necessary properties: coalescing (forming the union of events having the same consequence), status-quo event commutativity, and rank-dependent additivity. The major result is that, under a few additional, relatively non-controversial, necessary conditions on binary gambles and assuming mappings are onto intervals, the converse is true. A number of other utility representations are checked for each of these three properties (see Table 2, Section 7). |
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Keywords: | Coalescing event commutativity event splitting rank-dependentadditivity rank-dependent utility status-quo event commutativity |
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