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Axiomatic theory of investment evaluating
Applications of Mathematics, Tome 16 (1971) no. 6, pp. 439-447
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An investment is defined as a real distribution with the support in a given time interval. Three simple axioms concerning the ordering given in the space of all investments are formulated, and as a main result a theorem is proved stating that the ordering is fully characterized by a real positive number (identical with the internal rate of interest) and giving the analytic representation of the utility function for this ordering. This utility functional is identical with the present value function.
An investment is defined as a real distribution with the support in a given time interval. Three simple axioms concerning the ordering given in the space of all investments are formulated, and as a main result a theorem is proved stating that the ordering is fully characterized by a real positive number (identical with the internal rate of interest) and giving the analytic representation of the utility function for this ordering. This utility functional is identical with the present value function.
DOI : 10.21136/AM.1971.103379
Classification : 90A99, 91B08, 91B16 
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Fiala, Jiří. Axiomatic theory of investment evaluating. Applications of Mathematics, Tome 16 (1971) no. 6, pp. 439-447. doi: 10.21136/AM.1971.103379

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