A Functional Representation of Fuzzy Preferences | Zendy

Susheng Wang | Zendy

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A Functional Representation of Fuzzy Preferences

Author(s) -

Susheng Wang

Publication year - 2016

Publication title -

theoretical economics letters

Language(s) - English

Resource type - Journals

eISSN - 2162-2078

pISSN - 2162-2086

DOI - 10.4236/tel.2017.71002

Subject(s) - simple (philosophy) , representation (politics) , fuzzy logic , extension (predicate logic) , order (exchange) , expected utility hypothesis , computer science , mathematical economics , preference , mathematics , artificial intelligence , economics , epistemology , philosophy , finance , politics , political science , law , programming language , statistics

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.

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