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Article . 2025
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Article . 2024 . Peer-reviewed
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Communications in Optimization Theory
Article . 2025 . Peer-reviewed
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Expected Utility: Weak and Strong

Expected utility: weak and strong
Authors: Ozbek, Kemal;

Expected Utility: Weak and Strong

Abstract

Summary: In this paper we show that, given a monotone preference order that satisfies weak independence, the expected utility model (as a \textit{weak} or \textit{strong} representation) can be directly obtained from intuitive conditions. In particular, a weak expected utility representation can be constructed by using \textit{substitutability}, while the stronger counterpart can be derived by using \textit{solvability}. We provide simple examples which demonstrate that our characterization of the expected utility preferences is tight. Unlike many other expected utility characterizations, our proofs are constructive making them especially useful when testing the model.

Country
United Kingdom
Related Organizations
Keywords

330, substitutability, expected utility, independence, monotonicity, Decision theory, continuity, solvability, 004

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
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