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Continuous Linear Representations of Preference Orderings in Vector Spaces

  • Jörgen W. Weibull

Abstract

In operations research and microeconomic modelling it is usual to assume that a decision-maker’s preferences ≼ over prospects x∈X over time, space, or uncertain states-of-nature may be represented by an integral ∫x(ω)dμ(ω) over the underlying set of times, locations, or states-of-nature. In a temporal setting such an integral may be interpreted as the present value of prospect x with respect to a temporal discount function. In a spatial setting, it may be interpreted as accessibility to location pattern x with respect to a spatial discount function. In a choice among uncertain prospects, finally, the integral may be interpreted as the expected value of prospect x with respect to a probability measure.

Keywords

Vector Space Linear Representation Convex Cone Preference Ordering Discount Function 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Berlin Heidelberg 1984

Authors and Affiliations

  • Jörgen W. Weibull
    • 1
  1. 1.Royal Institute of TechnologyStockholmSweden

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