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Probabilistic evaluations: A universal representation for preferences over countable sets

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  • Knoblauch, Vicki

Abstract

We assign a probabilistic evaluation to a firm as a measure, in the form of a probability distribution over [0,1], of the quality of the firm’s products. When two firms compete to develop a new product, a prospective investor can use the two evaluations to determine which firm is likely to produce a better product. Probabilistic evaluations are shown to generate all binary relations on countable sets.

Suggested Citation

  • Knoblauch, Vicki, 2015. "Probabilistic evaluations: A universal representation for preferences over countable sets," Journal of Mathematical Economics, Elsevier, vol. 57(C), pages 25-27.
    • Handle: RePEc:eee:mateco:v:57:y:2015:i:c:p:25-27
    DOI: 10.1016/j.jmateco.2015.01.004
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    References listed on IDEAS

    as
    1. Knoblauch, Vicki, 2013. "A simple voting scheme generates all binary relations on finite sets," Journal of Mathematical Economics, Elsevier, vol. 49(3), pages 230-233.
    2. Ok, Efe A., 2002. "Utility Representation of an Incomplete Preference Relation," Journal of Economic Theory, Elsevier, vol. 104(2), pages 429-449, June.
    3. Peleg, Bezalel, 1970. "Utility Functions for Partially Ordered Topological Spaces," Econometrica, Econometric Society, vol. 38(1), pages 93-96, January.
    4. Trout Rader, 1963. "The Existence of a Utility Function to Represent Preferences," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 30(3), pages 229-232.
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    Keywords

    Binary relation; Preference representation;

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