Annals of Operations Research

, Volume 19, Issue 1, pp 273–298 | Cite as

Axiomatic utility theories with the betweenness property

  • S. H. Chew
Part IV New Results In Nonlinear Preference Theory


This paper focuses on the betweenness property of expected utility theory. We provide an axiomatization of the class of betweenness-conforming utility theories. Subclasses of betweenness-conforming preferences are axiomatized with ‘substitution’ axioms of intermediate generality. The latter axioms incorporate specifically the effects of replacing a certain outcome with a lottery that is indifferent to it. Our representation is applied to the second-price auction mechanism where we show that its demand-revelation property under expected utility is not robust with respect to the class of betweenness-conforming preferences.


Utility Theory Expected Utility Theory Auction Mechanism Intermediate Generality Axiomatic Utility 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© J.C. Baltzer AG, Scientific Publishing Company 1989

Authors and Affiliations

  • S. H. Chew
    • 1
  1. 1.Department of EconomicsJohns Hopkins UniversityBaltimoreUSA

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