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 | |||||||||
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| 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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