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Where utility functions do not exist: A note on lexicographic orders
(Indian Institute of Management Ahmedabad, 1989-08-01)
There seems to be some amount of confusion in the finance text books regarding the conditions under which an individual's preferences can be represented by a utility function. Fama and Miller, for example, assert that two ...
The existence and continuity of utility functions: A new proof
(Indian Institute of Management Ahmedabad, 1989-08-01)
It is well known that the existence of a countable order dense subset is necessary and sufficient for a preference order to be representable by a utility function, and that this condition is also sufficient for the utility ...