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Generalized utility based on values of opportunity sets

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  • Andrey V. Malishevski

Abstract

This paper is concerned with an axiomatic approach to the analysis and construction ofthe utility structure that underlies the values of “opportunity sets”. A family of subsetsof a fixed universal set of alternatives is considered. These subsets are treated as opportunitysets; their (subjective) estimates by some ordinal scale are known. Also consideredis another family of subsets, “alternative bundles;” its assumed mechanism ofgenerating opportunity set values is as follows. Each opportunity set contains some bundles ofalternatives, which have their own hyper-utility values. The value of the opportunity set is the maximum “hyper-utility” over bundles that lie inside the set.We establish necessary and sufficient conditions for opportunity set values to be representableby such a mechanism, with some hyper-utility function for bundles. Particular cases are considered, including the “limit” case where the opportunity set value equals theconventional utility value of the best alternative in the set. Copyright Kluwer Academic Publishers 1998

Suggested Citation

  • Andrey V. Malishevski, 1998. "Generalized utility based on values of opportunity sets," Annals of Operations Research, Springer, vol. 80(0), pages 11-26, January.
    • Handle: RePEc:spr:annopr:v:80:y:1998:i:0:p:11-26:10.1023/a:1018955612731
    DOI: 10.1023/A:1018955612731
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