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Sophistication and preference inconsistency in a menu utility representation
- Source :
- Mathematical Social Sciences. 114:116-121
- Publication Year :
- 2021
- Publisher :
- Elsevier BV, 2021.
-
Abstract
- We provide an additive utility representation for any complete and transitive preference over menus of alternatives. The representation makes it seem as if a sophisticated individual takes into account the state dependent payoffs of two individuals that have to consume the same alternative from the menu but may have inconsistent preferences in some of the subjective states. We also consider special cases including when only one state is needed. Furthermore, we find upper bounds on the minimal number of subjective states needed for the representation.
- Subjects :
- Transitive relation
Sociology and Political Science
Computer science
media_common.quotation_subject
Representation (systemics)
General Social Sciences
State (functional analysis)
Preference
State dependent
Statistics, Probability and Uncertainty
Mathematical economics
Sophistication
General Psychology
media_common
Subjects
Details
- ISSN :
- 01654896
- Volume :
- 114
- Database :
- OpenAIRE
- Journal :
- Mathematical Social Sciences
- Accession number :
- edsair.doi...........e80d21e0a4cbda2ac80c730675bbb168
- Full Text :
- https://doi.org/10.1016/j.mathsocsci.2021.08.006