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von Neumann Morgenstern Preferences

Author

Listed:
  • Karl Vind

    (Institute of Economics, University of Copenhagen)

Abstract

von Neumann Morgenstern utility is generalized to von Neumann Morgenstern preferences. The proof is an application of simple hyperplane theorems.

Suggested Citation

  • Karl Vind, 1996. "von Neumann Morgenstern Preferences," Discussion Papers 96-23, University of Copenhagen. Department of Economics.
    • Handle: RePEc:kud:kuiedp:9623
    as

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    References listed on IDEAS

    as
    1. Vind, Karl, 1991. "Independent preferences," Journal of Mathematical Economics, Elsevier, vol. 20(1), pages 119-135.
    2. Loomes, Graham & Sugden, Robert, 1982. "Regret Theory: An Alternative Theory of Rational Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 92(368), pages 805-824, December.
    3. Shafer, Wayne & Sonnenschein, Hugo, 1975. "Equilibrium in abstract economies without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 2(3), pages 345-348, December.
    4. Fishburn, Peter C., 1975. "Separation theorems and expected utilities," Journal of Economic Theory, Elsevier, vol. 11(1), pages 16-34, August.
    5. Baucells, Manel & Shapley, Lloyd S., 2008. "Multiperson utility," Games and Economic Behavior, Elsevier, vol. 62(2), pages 329-347, March.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Dubra, Juan & Maccheroni, Fabio & Ok, Efe A., 2004. "Expected utility theory without the completeness axiom," Journal of Economic Theory, Elsevier, vol. 115(1), pages 118-133, March.
    2. Jurgita Baranauskiene & Vilija Alekneviciene, 2019. "Comprehensive Measurement of Social Benefits Generated by Public Investment Projects," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 15(4), pages 195-210.
    3. McCarthy, David & Mikkola, Kalle & Thomas, Teruji, 2017. "Representation of strongly independent preorders by sets of scalar-valued functions," MPRA Paper 79284, University Library of Munich, Germany.
    4. Baucells, Manel & Shapley, Lloyd S., 2008. "Multiperson utility," Games and Economic Behavior, Elsevier, vol. 62(2), pages 329-347, March.
    5. Bruno Girotto & Silvano Holzer, 2003. "Representing complete and incomplete subjective linear preferences on random numbers," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 26(2), pages 129-144, November.
    6. Vantaggi, Barbara, 2010. "Incomplete preferences on conditional random quantities: Representability by conditional previsions," Mathematical Social Sciences, Elsevier, vol. 60(2), pages 104-112, September.

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    More about this item

    Keywords

    uncertainty; von Neumann Morgenstern; separating hyperplane;
    All these keywords.

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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