Abstract
A non-trivial, transitive and reflexive binary relation on the set of lotteries satisfying independence that also satisfies any two of the following three axioms satisfies the third: completeness, Archimedean and mixture continuity (Dubra, 2011). This paper generalizes Dubra’s result in two ways: First, by replacing independence with a weaker betweenness axiom. Second, by replacing independence with a weaker cone-monotonicity axiom. The latter is related to betweenness and, in the case in which outcomes correspond to real numbers, is implied by monotonicity with respect to first-order stochastic dominance.
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