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Additive utility with intransitive indifference and without independence: A homogeneous case;
Biased Extensive Measurement: The Homogeneous Case
Le Menestrel, Marc; Lemaire, Bertrand
Universitat Pompeu Fabra. Departament d'Economia i Empresa
In the homogeneous case of one type of goods or objects, we prove theexistence of an additive utility function without assuming transitivityof indifference and independence. The representation reveals a positivefactor smaller than 1 that infuences rational choice beyond the utilityfunction and explains departures from these standard axioms of utilitytheory (factor equals to 1).
2005-09-15
Business Economics and Industrial Organization
rationality
utility
maximization
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