TITLE:
A Functional Representation of Fuzzy Preferences
AUTHORS:
Susheng Wang
KEYWORDS:
Functional Representation, Utility Representation, Fuzzy Preferences
JOURNAL NAME:
Theoretical Economics Letters,
Vol.7 No.1,
December
31,
2016
ABSTRACT: 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.