LAUSR

Abstract Let D be a linear space of real bounded functions and P : D → R a coherent functional. Also, let Q be a collection of coherent functionals on D. Under mild conditions, there is a finitely additive probability Π on the power set of Q such that P ( f ) = ∫ Q Q ( f ) Π ( d Q ) for each f ∈ D . This fact has various consequences and such consequences are investigated in this paper. Three types of results are provided: (i) Existence of common extensions satisfying certain properties, (ii) Finitely additive mixtures of extreme points, (iii) Countably additive mixtures. Among other things, we obtain new versions of Kolmogorov's consistency theorem and de Finetti's representation theorem.