Browsing Working Papers by Author "Varma, Jayanth Rama"
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The existence and continuity of utility functions: A new proof
Varma, Jayanth Rama (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 ... -
Where utility functions do not exist: A note on lexicographic orders
Varma, Jayanth Rama (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 ...