The Utility Representation Theorem is a fundamental concept in decision theory and economics that relates to how preferences can be represented mathematically. The theorem establishes that if a decision-maker's preferences satisfy certain conditions, they can be represented using a utility function. Here are the core ideas surrounding the Utility Representation Theorem: 1. **Preferences**: The theorem begins with the notion of preferences, which are the choices individuals make among different options based on their perceived satisfaction or utility.
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