A new axiomatization of portfolio theory |
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| Authors: | Jan P.H van Santen |
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| Affiliation: | Department of Psychology, The University of Michigan, Ann Arbor, Michigan 48109 USA |
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| Abstract: | An axiomatization proposed by Coombs 1974 is shown to be insufficient for the representation of gambles in a risk × expected value space as described by Portfolio Theory. A new axiom system is given which is necessary and sufficient for this representation, and which implies the old axiomatization. |
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