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A Model of Procedural Decision Making in the Presence of Risk

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Author Info
Juan Dubra (New York University, Universidad de Montevideo)
Efe A. Ok (New York University)

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Abstract

We introduce a procedural model of risky choice in which an individual is endowed with a core preference relation that may be highly incomplete. She can, however, derive further rankings of alternatives from her core preferences by means of a procedure based on the independence axiom. We find that the preferences that are generated from an initial set of rankings according to this procedure can be represented by means of a "set" of von Neumann-Morgenstern utility functions, thereby allowing for incompleteness of preference relations. The proposed theory also yields new characterizations of the stochastic dominance orderings. Copyright 2002 by the Economics Department of the University of Pennsylvania and Osaka University Institute of Social and Economic Research Association

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Publisher Info
Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 43 (2002)
Issue (Month): 4 (November)
Pages: 1053-1080
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Handle: RePEc:ier:iecrev:v:43:y:2002:i:4:p:1053-1080

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  1. repec:bep:thetop:v:1:y:2001:i:1:p:1033-1033 is not listed on IDEAS
  2. Paola Manzini & Marco Mariotti, 2008. "On the Representation of Incomplete Preferences Over Risky Alternatives," Theory and Decision, Springer, vol. 65(4), pages 303-323, December. [Downloadable!] (restricted)
  3. Juan Dubra & Echenique, Federico, 2001. "Monotone Preferences over Information," Cowles Foundation Discussion Papers 1297, Cowles Foundation, Yale University. [Downloadable!]
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  4. Juan Dubra & Fabio Maccheroni & Efe Oki, 2001. "Expected utility theory without the completeness axiom," ICER Working Papers - Applied Mathematics Series 11-2001, ICER - International Centre for Economic Research. [Downloadable!]
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  5. repec:bep:thetop:v:4:y:2004:i:1:p:1168-1168 is not listed on IDEAS
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This page was last updated on 2009-11-21.

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