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A Model of Procedural Decision Making in the Presence of Risk

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  • Juan Dubra

    (New York University, Universidad de Montevideo)

  • Efe A. Ok

    (New York University)

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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Bibliographic 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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Cited by:
  1. Dubra Juan & Echenique Federico, 2001. "Monotone Preferences over Information," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 1(1), pages 1-18, December.
  2. Juan Dubra & Fabio Maacheroni & Efe A. Ok, 2001. "Expected Utility Theory without the Completeness Axiom," Cowles Foundation Discussion Papers 1294, Cowles Foundation for Research in Economics, Yale University.
  3. 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.
  4. Eric Danan, 2010. "Randomization vs. Selection: How to Choose in the Absence of Preference?," Management Science, INFORMS, vol. 56(3), pages 503-518, March.
  5. Eric Danan & Thibault Gajdos & Jean-Marc Tallon, 2014. "Harsanyi's aggregation theorem with incomplete preferences," Documents de travail du Centre d'Economie de la Sorbonne 14002, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  6. repec:hal:journl:halshs-00768894 is not listed on IDEAS
  7. Kraus, Alan & Sagi, Jacob S., 2006. "Inter-temporal preference for flexibility and risky choice," Journal of Mathematical Economics, Elsevier, vol. 42(6), pages 698-709, September.

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