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Expected Utility Theory without the Completeness Axiom

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Author Info
Juan Dubra
Fabio Maacheroni (Universita Bocconi)
Efe A. Ok (New York University)

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Abstract

We study axiomatically the problem of obtaining an expected utility representation for a potentially incomplete preference relation over lotteries by means of a set of von Neumann-Morgenstern utility functions. It is shown that, when the prize space is a compact metric space, a preference relation admits such a multi-utility representation provided that it satisfies the standard axioms of expected utility theory. Moreover, the representing set of utilities is unique in a well-defined sense.

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File URL: http://cowles.econ.yale.edu/P/cd/d12b/d1294.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 1294.

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Length: 12 pages
Date of creation: Feb 2001
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Handle: RePEc:cwl:cwldpp:1294

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Related research
Keywords: Expected utility; incomplete preferences;

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Find related papers by JEL classification:
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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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.:
  1. Mandler, Michael, 2005. "Incomplete preferences and rational intransitivity of choice," Games and Economic Behavior, Elsevier, vol. 50(2), pages 255-277, February. [Downloadable!] (restricted)
  2. Lloyd S. Shapley & Manel Baucells, 1998. "Multiperson Utility," UCLA Economics Working Papers 779, UCLA Department of Economics. [Downloadable!]
  3. Majumdar, Mukul & Sen, Amartya K, 1976. "A Note on Representing Partial Orderings," Review of Economic Studies, Blackwell Publishing, vol. 43(3), pages 543-45, October. [Downloadable!] (restricted)
  4. Grandmont, Jean-Michel, 1972. "Continuity properties of a von Neumann-Morgenstern utility," Journal of Economic Theory, Elsevier, vol. 4(1), pages 45-57, February. [Downloadable!] (restricted)
  5. Fishburn, Peter C., 1975. "Separation theorems and expected utilities," Journal of Economic Theory, Elsevier, vol. 11(1), pages 16-34, August. [Downloadable!] (restricted)
  6. Vind, Karl, 2000. "von Neumann Morgenstern preferences," Journal of Mathematical Economics, Elsevier, vol. 33(1), pages 109-122, February. [Downloadable!] (restricted)
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  7. Juan Dubra & Efe A. Ok, 2002. "A Model of Procedural Decision Making in the Presence of Risk," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(4), pages 1053-1080, November. [Downloadable!] (restricted)
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