Min, Max, and Sum |
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| Authors: | Uzi SegalJoel Sobel |
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| Affiliation: | a Department of Economics, Boston College, Chestnut Hill, Massachusetts, 02467, f1segalu@bc.eduf1b Department of Economics, University of California, San Diego, La Jolla, California, 92093, f2jsobel@weber.ucsd.eduf2 |
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| Abstract: | This paper provides characterization theorems for preferences that can be represented by U(x1, …, xn)=min{xk}, U(x1, …, xn)=max{xk}, U(x1, …, xn)=∑ u(xk), or combinations of these functionals. The main assumption is partial separability, where changing a common component of two vectors does not reverse strict preferences, but may turn strict preferences into indifference. We discuss applications of our results to social choice. Journal of Economic Literature Classification Numbers: C0, D1, D6. |
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