Value-based contraction: a representation result

Sven-Ove Hansson and Erik Olsson studied in [6] the logical properties of an operation of contraction first proposed by Isaac Levi in [11]. They provided a completeness result for the simplest version of contraction that they call Levi-contraction but left open the problem of characterizing axiomatically the more complex operation of value-based contraction or saturatable contraction. In this paper we propose an axiomatization for this operation and prove a completeness result for it. We argue that the resulting operation is better behaved than various rival operations of contraction defined in recent years.

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