Utility Functions Invariant with Respect to Some Classes of Shifts

• Authors: J. Chudziak
• Languages of publication: EN

Abstracts

EN

A utility function U is said to be invariant with respect to a family of transformations Γp provided, for every member γ of Γp, U and Uırc γ represent the same preference relation over lotteries. An invariance with respect to a wide class of transformations can be reduced to an invariance with respect to the shift transformations. We give a complete answer to the following question: given a nonempty set T of shifts determine all utility functions invariant with respect to the shift transformations by every element of T. As a consequence of our results we obtain the forms of utility functions invariant with respect to the families of commuting transformations.

Keywords

EN

89.65.Gh

Discipline

• 89.65.Gh: Economics; econophysics, financial markets, business and management(for economic issues regarding production and use of renewable energy, see 88.05.Lg)

• Publisher: Institute of Physics, Polish Academy of Sciences
• Journal: Acta Physica Polonica A
• Year: 2013
• Volume: 123
• Issue: 3
• Pages: 508-512

Dates

published

2013-03

Contributors

author

J. Chudziak

• Department of Mathematics, University of Rzeszów, T. Rejtana 16A, 35-959 Rzeszów, Poland

References

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Identifiers

DOI

10.12693/APhysPolA.123.508