Von Neumann-Morgenstern Utility Functions on Two Attributes.
PENNSYLVANIA STATE UNIV UNIVERSITY PARK COLL OF BUSINESS ADMINISTRATION
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Five special forms for a von Neumann-Morgenstern utility function u on a product set A x X are examined. Each expresses u as a combination of functions defined on the separate factors A and X. The five forms include the additive and multiplicative forms, u u1 u2 and u f1f2 respectively, and the additive form with independent product expressed by u u1 u2 f1f2. Necessary and sufficient preference conditions are identified for each form along with admissible transformations on the single-argument functions. Author
- Operations Research