Arrow and Pratt Revisited: The Case for a Polynomial Representation

This work resurrects a long-forgotten method for eliciting human preferences based on the stimuli-response procedure. The so-called Psycho-Physics school (Weber-Fechner, 1860) [1] attempted to mathematically explain the procedure above. A new theory, Elementary Catastrophe Theory (E.C.T.) [2, which unfolded a

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