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A Functional Representation of Fuzzy Preferences
Department of Economics, Hong Kong University of Science and Technology, Hong Kong, China
- 1 Department of Economics, Hong Kong University of Science and Technology, Hong Kong, China
Theoretical Economics Letters·Volume 07 (2016)·Pages 13–22·Published 13 December 2016·DOI10.4236/tel.2017.71002
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Abstract
This paper defines a well-behaved fuzzy order and finds a simple functional representation for the fuzzy preferences. It includes the existing utility theory for exact preferences (no fuzziness) as a special case. It is a simple and intuitive extension of the utility theory under uncertainty, which can potentially be used to explain a few known paradoxes against the existing expected utility theory.
KeywordsFunctional RepresentationUtility RepresentationFuzzy Preferences
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