von Neumann-Morgenstera Utility Functions on Two Attributes

1 February 1974

journal article
Published by Institute for Operations Research and the Management Sciences (INFORMS) in Operations Research

Vol. 22 (1) , 35-45
https://doi.org/10.1287/opre.22.1.35

Abstract

Five special forms for a von Neumann-Morgenstern utility function u on a product set A×X are examined. Each expresses u as a combination of functions defined on the separate factors A and X. The five forms include the additive and multiplicative forms, u=u₁+u₂ and u=f₁ f₂, respectively, and the additive form with independent product expressed by u=u₁+u₂+f₁f₂. Necessary and sufficient preference conditions are identified for each form, along with admissible transformations on the single-argument functions.

Keywords

NEUMANN
VON
UTILITY FUNCTIONS
MORGENSTERA
SUFFICIENT
MORGENSTERN
PREFERENCE
ADMISSIBLE
ARGUMENT

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