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| Author: | Chew, S. Epstein, L. Segal, U. |
| Title: | The projective independence axiom |
| Journal: | Economic Theory
1994 : VOL. 4:2, p. 189-215 |
| Index terms: | LOTTERIES THEORIES PREFERENCES |
| Language: | eng |
| Abstract: | A new axiom for preference ordering over lotteries, called the projective independence axiom, is formulated. Given suitable continuity and monotonicity assumptions, the axiom implies that utility is either in the weighted utility class or is quadratic in probabilities. The betweenness axiom is used to distinguish between these two classes of functions. The projective independence axiom described in this paper is weaker than the independence axiom but it retains strong implications for the functional structure of utility. |
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