Econometrica: Sep, 1975, Volume 43, Issue 5

Bounded One-Way Expected Utility

https://doi.org/0012-9682(197509/11)43:5/6<867:BOEU>2.0.CO;2-P
p. 867-876

Peter C. Fishburn

A one-way expected utility representation has the expected utility of one probability measure greater than the expected utility of another probability measure whenever the first is preferred to the second. It requires preferences to be acyclic but not necessarily transitive, and does not require indifference to be transitive. Preference axioms which are sufficient for one-way expected utility for sets of simple probability measures have been presented before (see [8]). This paper uses additional axioms to extend the one-way representation to sets of discrete and more general probability measures.