Expected utility Proposition3: if the preference on g can be represented by an expected utility function, then satisfied independent axiom Proposition: (expection utility theorem) if the policymaker take a continuous and independent preference on @ then we can find a v N-M expected utility function to represent it See the fiaExpected utility • Proposition3: if the preference on can be represented by an expected utility function, then satisfied independent axiom. • Proposition4:(expection utility theorem) if the policymaker take a continuous and independent preference on , then we can find a v.N-M expected utility function to represent it. See the fig. L % L