A Teaching Note on a Theorem due to Kreps (1979). (December 2015) - Lahiri, Somdeb
Abstract: In this note we are concerned with the proof of a theorem due to Kreps (1979) which goes thus: A reflexive, complete and transitive preference relation over a collection of intertemporal opportunities such that the available set of second period opportunity sets associated with each first period alternative is closed under unions can be represented as a sum of a finite number of indirect utility functions, if and only if two reasonably harmless properties are satisfied. We provide a tidy presentation of the original proof.