A Preference Foundation for Rank-Additive Utility

Abstract

Many traditional conjoint representations are based on additivedecomposability.An important generalization arises under rank-dependence, when such representations are restricted to cones with a fixed ranking of components from best to worst, leading to configural weighting, rank-dependent utility, and rank-and sign-dependent prospect theory.A new paradigm for representations was developed by Duncan Luce and others, allowing for basic rationality violations regarding the coalescing of events and other framing assumptions.In recent papers, Luce's approach called for a new, rank-additive, version of rank-dependent representations, where additive representations on different cones should be combined into one overall representation.This paper provides a preference foundation of rank-dependent additive utility.Thus, a complete preference foundation can be obtained of the recent models by Luce and others.

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