Advanced Search
MyIDEAS: Login to save this article or follow this journal

On the multi-utility representation of preference relations

Contents:

Author Info

  • Evren, Özgür
  • Ok, Efe A.

Abstract

We develop the ordinal theory of (semi)continuous multi-utility representation for incomplete preference relations. We investigate the cases in which the representing sets of utility functions are either arbitrary or finite, and those cases in which the maps contained in these sets are required to be (semi)continuous. With the exception of the case where the representing set is required to be finite, we find that the requirements of such representations are surprisingly weak, pointing to a wide range of applicability of the representation theorems reported here. Some applications to decision theory under uncertainty and consumer theory are also considered.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.sciencedirect.com/science/article/pii/S0304406811000693
Download Restriction: Full text for ScienceDirect subscribers only

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 47 (2011)
Issue (Month): 4-5 ()
Pages: 554-563

as in new window
Handle: RePEc:eee:mateco:v:47:y:2011:i:4:p:554-563

Contact details of provider:
Web page: http://www.elsevier.com/locate/jmateco

Related research

Keywords: Incomplete preferences; Utility representation; Ordinal; Multi-objective optimization;

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Jose Apesteguia & Miguel A. Ballester, 2007. "A Theory of Reference-Dependent Behavior," Working Papers 323, Barcelona Graduate School of Economics.
  2. Sophie Bade, 2005. "Nash equilibrium in games with incomplete preferences," Economic Theory, Springer, vol. 26(2), pages 309-332, 08.
  3. SCHMEIDLER, David, . "A condition for the completeness of partial preference relations," CORE Discussion Papers RP -86, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Jaffray, Jean-Yves, 1975. "Semicontinuous extension of a partial order," Journal of Mathematical Economics, Elsevier, vol. 2(3), pages 395-406, December.
  5. Rigotti, Luca & Shannon, Chris, 2001. "Uncertainty and Risk in Financial Markets," Department of Economics, Working Paper Series qt6m42r5rr, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  6. Herden, G., 1989. "On the existence of utility functions ii," Mathematical Social Sciences, Elsevier, vol. 18(2), pages 107-117, October.
  7. Herden, G., 1989. "On the existence of utility functions," Mathematical Social Sciences, Elsevier, vol. 17(3), pages 297-313, June.
  8. Dubra, Juan & Maccheroni, Fabio & Ok, Efe A., 2004. "Expected utility theory without the completeness axiom," Journal of Economic Theory, Elsevier, vol. 115(1), pages 118-133, March.
  9. Eric Danan, 2010. "Randomization vs. Selection: How to Choose in the Absence of Preference?," Management Science, INFORMS, vol. 56(3), pages 503-518, March.
  10. Levy, Gilat, 2004. "A model of political parties," Journal of Economic Theory, Elsevier, vol. 115(2), pages 250-277, April.
  11. Michael Mandler, 2006. "Cardinality versus Ordinality: A Suggested Compromise," American Economic Review, American Economic Association, vol. 96(4), pages 1114-1136, September.
  12. Jyrki Wallenius & James S. Dyer & Peter C. Fishburn & Ralph E. Steuer & Stanley Zionts & Kalyanmoy Deb, 2008. "Multiple Criteria Decision Making, Multiattribute Utility Theory: Recent Accomplishments and What Lies Ahead," Management Science, INFORMS, vol. 54(7), pages 1336-1349, July.
  13. Masatlioglu, Yusufcan & Ok, Efe A., 2005. "Rational choice with status quo bias," Journal of Economic Theory, Elsevier, vol. 121(1), pages 1-29, March.
  14. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, September.
  15. Paolo Ghirardato & Fabio Maccheroni & Massimo Marinacci & Marciano Siniscalchi, 2003. "A Subjective Spin on Roulette Wheels," Econometrica, Econometric Society, vol. 71(6), pages 1897-1908, November.
  16. John Roemer, 2003. "The Democratic Political Economy Of Progressive Income Taxation," Working Papers 9711, University of California, Davis, Department of Economics.
  17. Sagi, Jacob S., 2006. "Anchored preference relations," Journal of Economic Theory, Elsevier, vol. 130(1), pages 283-295, September.
  18. Sondermann, Dieter, 1980. "Utility representations for partial orders," Journal of Economic Theory, Elsevier, vol. 23(2), pages 183-188, October.
  19. Ok, Efe A., 2002. "Utility Representation of an Incomplete Preference Relation," Journal of Economic Theory, Elsevier, vol. 104(2), pages 429-449, June.
  20. Majumdar, Mukul & Sen, Amartya K, 1976. "A Note on Representing Partial Orderings," Review of Economic Studies, Wiley Blackwell, vol. 43(3), pages 543-45, October.
  21. Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December.
  22. Eric Danan & Anthony Ziegelmeyer, 2006. "Are preferences complete? An experimental measurement of indecisiveness under risk," Papers on Strategic Interaction 2006-01, Max Planck Institute of Economics, Strategic Interaction Group.
  23. Eliaz, Kfir & Ok, Efe A., 2006. "Indifference or indecisiveness? Choice-theoretic foundations of incomplete preferences," Games and Economic Behavior, Elsevier, vol. 56(1), pages 61-86, July.
  24. Kopylov, Igor, 2009. "Choice deferral and ambiguity aversion," Theoretical Economics, Econometric Society, vol. 4(2), June.
  25. Peleg, Bezalel, 1970. "Utility Functions for Partially Ordered Topological Spaces," Econometrica, Econometric Society, vol. 38(1), pages 93-96, January.
  26. Walker, Mark, 1977. "On the existence of maximal elements," Journal of Economic Theory, Elsevier, vol. 16(2), pages 470-474, December.
  27. Campbell, Donald E. & Walker, Mark, 1990. "Maximal elements of weakly continuous relations," Journal of Economic Theory, Elsevier, vol. 50(2), pages 459-464, April.
  28. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, 03.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:eee:mateco:v:47:y:2011:i:4:p:554-563. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.