Published August 30, 2017
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The Measure Representation: A Correction
- Creators
- Segal, Uzi
Abstract
Wakker [9] and Puppe [2] point out a mistake in Theorem 1 in Segal [6]. This theorem deals with representing preference relations over lotteries by the measure of their epigraphs. An error in the theorem is that it gives wrong conditions concerning the continuity of the measure. This paper corrects the error. Another problem is that the axioms do not imply that the measure is bounded, therefore the measure representation applies only to subsets of the space of lotteries, although these subsets can become arbitrarily close to the whole space of lotteries. Some additional axioms (Segal [6, 7]), implying that the measure is a product measure (and hence anticipated utility), also guarantee that the measure is bounded.
Additional Information
I am grateful to Peter Wakker and to C. Puppe for pointing out to me the mistake in my original paper and to Larry Epstein and Peter Wakker for helpful discussions. Published as Segal, Uzi. "The measure representation: A correction." Journal of Risk and Uncertainty 6, no. 1 (1993): 99-107.Attached Files
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Additional details
- Eprint ID
- 80974
- Resolver ID
- CaltechAUTHORS:20170830-135419858
- Created
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2017-08-30Created from EPrint's datestamp field
- Updated
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2019-10-03Created from EPrint's last_modified field
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 781