Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/59615 
Year of Publication: 
2010
Series/Report no.: 
Discussion Paper No. 1529
Publisher: 
Northwestern University, Kellogg School of Management, Center for Mathematical Studies in Economics and Management Science, Evanston, IL
Abstract: 
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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