## Abstract

A semiorder can be thought of as a binary relation P for which there is a utility u representing it in the following sense:xPy iff u(x) -u(y) > 1. We argue that weak orders (for which indifference is transitive) can not be considered a successful approximation of semiorders; for instance, a utility function representing a semiorder in the manner mentioned above is almost unique, i.e. cardinal and not only ordinal. In this paper we deal with semiorders on a product space and their relation to given semiorders on the original spaces. Following the intuition of Rubinstein we find surprising results: with the appropriate framework, it turns out that a Savage-type expected utility requires significantly weaker axioms than it does in the context of weak orders.

Original language | English |
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Pages (from-to) | 109-126 |

Number of pages | 18 |

Journal | Economic Theory |

Volume | 5 |

Issue number | 1 |

DOIs | |

State | Published - Feb 1995 |

Externally published | Yes |