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Expected utility theory without the completeness axiom

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Author Info
Juan Dubra
Fabio Maccheroni ()
Efe Oki

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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 in unique in a well-defined sense.

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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
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Handle: RePEc:icr:wpmath:11-2001

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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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