Independence of Axioms in Ranking Opportunity Sets Taking into Account Similarity Relations Induced by Money-metric Utility Functions

Abstract

The objective of this work is to prove the independence of the axioms that characterise rules for ranking opportunity sets: the preference for diversity ordering, the cardinality-first ordering, and the preference-first ordering. The proof of the independence of axioms reinforces the value of the characterisation, since if there were axioms where a consequence of others, they should be eliminated from said characterisation. JEL: D0, D9