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Al-Najjar, Nabil I.
De Castro, Luciano I.
Year of Publication: 
Series/Report no.: 
Discussion Paper, Center for Mathematical Studies in Economics and Management Science 1529
A preference is invariant with respect to a transformation if its ranking of acts is unaffected by a reshuffing of the states under. We show that any invariant preference must be parametric: there is a unique sufficient set of parameters such that the preference ranks acts according to their expected utility given the parameters. This property holds for all non-trivial preferences, provided only that they are reflexive, transitive, monotone, continuous and mixture linear.
Document Type: 
Working Paper

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