Continuity and completeness under risk

Suppose some non-degenerate preferences R, with strict part P, over risky outcomes satisfy Independence. Then, when they satisfy any two of the following axioms, they satisfy the third. Herstein-Milnor: for all lotteries p,q,r, the set of a's for which ap+(1-a)qRr is closed. Archimedean: for all p,q,r there exists a>0 such that if pPq, then ap+(1-a)rPq. Complete: for all p,q, either pRq or qRp.

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Year of publication:	2011
Authors:	Dubra, Juan
Published in:	Mathematical Social Sciences. - Elsevier, ISSN 0165-4896. - Vol. 61.2011, 1, p. 80-81
Publisher:	Elsevier
Keywords:	Incomplete preferences Independence axiom Archimedean property

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008869061