- Title
- Additive representation for preferences over menus in finite choice settings
- Author(s)
- Leandro Gorno Leandro Gorno (Princeton University)
- Abstract
- This paper proves that every preference relation over the set of all menus from a finite set has an additive representation. The result implies that Kreps ordinal submodularity condition is not needed when both preferences for flexibility and preference for commitment are permitted. It is also shown that any preference over menus from a finite set can be extended to a linear and continuous preference over menus of lotteries. It follows that the von Neumann-Morgenstern assumptions of the Dekel-Lipman-Rustichini model are inessential for the additive representation of menu preferences.
- Creation Date
- 2010-12
- Section URL ID
- ET
- Paper Number
- wp003_2011_Gorno.pdf
- URL
- https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.445.1706&rep=rep1&type=pdf
- File Function
- Jel
- C010, D010, D110, H310
- Keyword(s)
- Dynamic choice; Preference for flexibility; Preference for commitment
- Suppress
- false
- Series
- 10