Journal article
Axiomatization of weighted (separable) utility
Journal of Mathematical Economics, Vol.54(October), pp.138-142
2014
Abstract
Nontrivial decision problems typically involve a trade-off among multiple attributes of choice options. One simple way of resolving such trade-offs is to aggregate multiple attributes into one real-valued index, known as weighted or separable utility. Applications of weighted utility can be found in choice under risk (expected utility) and uncertainty (subjective expected utility), intertemporal choice (discounted utility) and welfare economics (utilitarian social welfare function). This paper presents an alternative behavioral characterization (preference axiomatization) of weighted utility. It is shown that necessary and sufficient conditions for weighted utility are completeness, continuity, bi-separable transitivity (and transitivity if none of the attributes is null, or inessential).
Details
- Title
- Axiomatization of weighted (separable) utility
- Authors/Creators
- P. Blavatskyy (Author/Creator) - Chornobyl Center
- Publication Details
- Journal of Mathematical Economics, Vol.54(October), pp.138-142
- Publisher
- Elsevier
- Identifiers
- 991005543997107891
- Copyright
- Elsevier
- Murdoch Affiliation
- School of Management and Governance
- Language
- English
- Resource Type
- Journal article
UN Sustainable Development Goals (SDGs)
This output has contributed to the advancement of the following goals:
Source: InCites
Metrics
46 Record Views
InCites Highlights
These are selected metrics from InCites Benchmarking & Analytics tool, related to this output
- Citation topics
- 6 Social Sciences
- 6.122 Economic Theory
- 6.122.1287 Risk Preferences
- Web Of Science research areas
- Economics
- Mathematics, Interdisciplinary Applications
- Social Sciences, Mathematical Methods
- ESI research areas
- Economics & Business