Continuity, completeness, betweenness and cone-monotonicity

A non-trivial, transitive and reflexive binary relation on the set of lotteries satisfying independence that also satisfies any two of the following three axioms satisfies the third: completeness, Archimedean and mixture continuity (Dubra (2011)). This paper generalizes Dubra’s result in two ways: First, by replacing independence with a weaker betweenness axiom. Second, by replacing independence with a weaker cone-monotonicity axiom. The latter is related to betweenness and, in the case in which outcomes correspond to real numbers, implies monotonicity with respect to first-order stochastic dominance. . .

• Type: Journal
• Year: 2015
• Where: MSS
• Authors: Edi Karni, Zvi Safra
• Keywords: Hardware, MSS 2015