Seven Independence Concepts and Continuous Multiattribute Utility Functions.
Abstract
This paper examines seven independence concepts based on a preference relation on the set of simple probability measures defined on a set of multiattribute consequences. Three of the independence relations involve gambles and the other four are based on riskless preferences over the n-tuples in the consequence set. The main theorems state conditions under which one or more of the risky independence relations can be derived from a riskless independence relation in conjunction with other conditions. The other conditions include the assumptions that the consequence set is a convex subset of a finite-dimensional Euclidean space and that the individual's von Neumann-Morgenstern utility function on the consequence set is continuous. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Sep 01, 1974
- Accession Number
- AD0786189
Entities
People
- Peter C. Fishburn
- Ralph L. Keeney
Organizations
- Pennsylvania State University