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Expected utility theory without the completeness axiom

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  • Juan Dubra
  • Fabio Maccheroni

    ()

  • Efe Oki

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 in unique in a well-defined sense.

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File URL: http://www.icer.it/docs/wp2001/Maccheroni11-01.pdf
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Bibliographic Info

Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers - Applied Mathematics Series with number 11-2001.

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Length: 14 pages
Date of creation: Apr 2001
Date of revision:
Handle: RePEc:icr:wpmath:11-2001

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  1. 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.
  2. Baucells, Manel & Shapley, Lloyd S., 2008. "Multiperson utility," Games and Economic Behavior, Elsevier, vol. 62(2), pages 329-347, March.
  3. 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.
  4. Karl Vind, 1996. "von Neumann Morgenstern Preferences," Discussion Papers 96-23, University of Copenhagen. Department of Economics.
  5. Fishburn, Peter C., 1975. "Separation theorems and expected utilities," Journal of Economic Theory, Elsevier, vol. 11(1), pages 16-34, August.
  6. Grandmont, Jean-Michel, 1972. "Continuity properties of a von Neumann-Morgenstern utility," Journal of Economic Theory, Elsevier, vol. 4(1), pages 45-57, February.
  7. Mandler, Michael, 2005. "Incomplete preferences and rational intransitivity of choice," Games and Economic Behavior, Elsevier, vol. 50(2), pages 255-277, February.
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