In this work, we give some characterizations or representations of set-valued solutions defined on a commutative monoid (M,+)\documentclass[12pt]{minimal}
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\begin{document}$$(M,+)$$\end{document} with values in a Hausdorff topological vector space of the following two-variable functional equation with involutions: F(x+y,z+w)+F(x+σ(y),z+τ(w))=αF(x,z)+βF(y,w),\documentclass[12pt]{minimal}
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\begin{document}$$\begin{aligned} F(x+y,z+w)+F(x+\sigma (y),z+\tau (w)) =\alpha F(x,z)+\beta F(y,w), \end{aligned}$$\end{document}where α,β\documentclass[12pt]{minimal}
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\begin{document}$$\alpha ,\;\beta $$\end{document} are fixed nonnegative real numbers and σ,τ:M→M\documentclass[12pt]{minimal}
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\begin{document}$$\sigma ,\tau : M\rightarrow M$$\end{document} are involutions (i.e.,σ(x+y)=σ(x)+σ(y)\documentclass[12pt]{minimal}
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\begin{document}$$\sigma (x+y)=\sigma (x)+\sigma (y)$$\end{document} and σ∘σ(x)=x\documentclass[12pt]{minimal}
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\begin{document}$$\sigma \circ \sigma (x)=x$$\end{document} for all x,y∈M\documentclass[12pt]{minimal}
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\begin{document}$$x,y\in M$$\end{document}).