Thanks! You’re the first person who’s started to explain to me what “utilons” are actually supposed to be under a rigorous definition and incidentally why people sometimes seem to be using slightly different definitions in these discussions.
Briefly, as requiring completeness, transitivity, continuity, and (more controversially) independence. Vladimir’s link looks good, so check that for the details.
Thanks! You’re the first person who’s started to explain to me what “utilons” are actually supposed to be under a rigorous definition and incidentally why people sometimes seem to be using slightly different definitions in these discussions.
How is consistency defined here?
You can learn more from e.g. the following lecture notes:
B. L. Slantchev (2008). `Game Theory: Preferences and Expected Utility’. (PDF)
Briefly, as requiring completeness, transitivity, continuity, and (more controversially) independence. Vladimir’s link looks good, so check that for the details.
I will when I have time tomorrow, thanks.