Abstract

FLORES ZARUR, Karla; OLVERA LOPEZ, William José  and  PLATA PEREZ, Leobardo. A note about the different characterizations of the expected utility theorem. Estud. Econ. (México, D.F.) [online]. 2023, vol.38, n.1, pp.167-181.  Epub June 26, 2023. ISSN 0186-7202.  https://doi.org/10.24201/ee.v38i1.439.

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.

Keywords : expected utility theory; lottery space; axiomatic equivalence.

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