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A note about the different characterizations of the expected utility theorem/Una nota sobre las diferentes caracterizaciones del teorema de la utilidad esperada

Author

Listed:
  • Karla Flores Zarur

    (Facultad de Ciencias, Universidad Autónoma de San Luis Potosí)

  • William José Olvera López

    (Facultad de Economía, Universidad Autónoma de San Luis Potosí)

  • Leobardo Plata Pérez

    (Facultad de Economía, Universidad Autónoma de San Luis Potosí)

Abstract

In this work, we prove the axiomatic equivalence of several characterizations of the Expected Utility Theorem proposed by Mas-Colell et al. (1995), Jehle and Reny (2011), Maschler et al. (2013), and Rubinstein (2012). A general language is used for unifying the notation, and we introduce a recursive definition of the lottery space in the expected utility theory.

Suggested Citation

  • Karla Flores Zarur & William José Olvera López & Leobardo Plata Pérez, 2023. "A note about the different characterizations of the expected utility theorem/Una nota sobre las diferentes caracterizaciones del teorema de la utilidad esperada," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 38(1), pages 167-181.
    • Handle: RePEc:emx:esteco:v:38:y:2023:i:1:p:167-181
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    File URL: https://estudioseconomicos.colmex.mx/index.php/economicos/article/view/439
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    References listed on IDEAS

    as
    1. David Cantalá, 2007. "Preferences for Shifts in Probabilities and Expected Utility Theory," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 22(1), pages 99-109.
    2. Ariel Rubinstein, 2012. "Lecture Notes in Microeconomic Theory: The Economic Agent Second Edition," Economics Books, Princeton University Press, edition 2, number 9742.
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    More about this item

    Keywords

    expected utility theory; lottery space; axiomatic equivalence;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D00 - Microeconomics - - General - - - General
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General

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