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Functional analytic tools for expected utility theory

Border, K. C. (1991) Functional analytic tools for expected utility theory. In: Positive Operators, Riesz Spaces, and Economics. Studies in Economic Theory. No.2. Springer Berlin Heidelberg , Berlin, Heidelberg, pp. 69-88. ISBN 9783642635021. https://resolver.caltech.edu/CaltechAUTHORS:20201211-170108337

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Abstract

Depending on the school of thought, expected utility theory states that choices among lotteries either should be made or actually made by maximizing the expected value of a real valued function of the outcomes—a utility function. This article provides a look at some of the functional analytic results used in expected utility theory. I concentrate on applications to the theory of stochastic dominance relations and the revealed preference approach to expected utility. Few of these results are deep, given the underlying tools, but many of them are not widely known, and their combination is novel. In particular, the revealed preference results of Border [4] are extended to higher degree stochastic dominance relations.


Item Type:Book Section
Related URLs:
URLURL TypeDescription
https://doi.org/10.1007/978-3-642-58199-1_4DOIArticle
https://rdcu.be/cb6XCPublisherFree ReadCube access
ORCID:
AuthorORCID
Border, K. C.0000-0003-4437-0524
Additional Information:© Springer-Verlag Berlin Heidelberg 1991. I thank Mike Maxwell for pointing out errors in an early draft of this paper.
Subject Keywords:Utility Function, Stochastic Dominance, Expect Utility Theory, Close Convex Cone, Compact Hausdorff Space
Series Name:Studies in Economic Theory
Issue or Number:2
DOI:10.1007/978-3-642-58199-1_4
Record Number:CaltechAUTHORS:20201211-170108337
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20201211-170108337
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:107045
Collection:CaltechAUTHORS
Deposited By: Rebecca Minjarez
Deposited On:14 Dec 2020 21:52
Last Modified:16 Nov 2021 18:59

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