Continuity of lottery preferences
= Continuity of lottery preferences
One standard mixture formulation says that if $A\succeq B\succeq C$, some $p\in[0,1]$ satisfies $B\sim pA+(1-p)C$. Under the other <Von Neumann-Morgenstern utility theorem> assumptions, this excludes lexicographic comparisons and permits numerical <utility function> scales. It concerns mixtures of <lotteries>, rather than continuity of a monetary <utility function> on a prespecified consumption domain.