A note about the different characterizations of the expected utility theorem
Keywords:expected utility theory, lottery space, axiomatic equivalence
In this work, we prove the axiomatic equivalence of several characterizations of the Expected Utility Theorem proposed by Mas-Colell et al. (1995), Jehle and Reny (2011), Maschler et al. (2013), and Rubinstein (2012). A general language is used for unifying the notation, and we introduce a recursive definition of the lottery space in the expected utility theory.
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