Obvious representations

Abstract

Under standard assumptions, the respect of obvious dominance characterizes the existence of what we call obvious representations . We show that various conditions imposed directly on these representations pin down general monotonic, invariant bi-separable, general Choquet, convex Choquet, neo-additive Choquet, and subjective expected utility preferences. Among other insights, the alternative axiomatizations which we thus provide facilitate comparisons between models, as well as the identification of their parameters. Co-minimal and co-maximal acts — a natural generalization of co-monotonic acts, the relevance of which is further confirmed by our results — play a significant role in our analysis. Our results further testify of the fundamental importance of obvious dominance, and they offer a proof of concept that obvious representations constitute a fruitful format for axiomatic investigations.

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