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Objective and Subjective Expected Utility with Incomplete Preferences

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  • Tsogbadral Galaabaatar
  • Edi Karni

Abstract

This paper extends the expected utility models of decision making under risk and under uncertainty to include incomplete beliefs and tastes. The main results are two axiomatizations of the multi-prior expected multi-utility representations of preference relation under uncertainty, thereby resolving long standing open questions. The Knightian uncertainty model and expected multi-utility model with complete beliefs are obtained as special cases. In addition, the von Neumann-Morgenstern expected utility model with incomplete preferences is revisited using a "constructive" approach, as opposed to earlier treatments that use convex analysis.

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Bibliographic Info

Paper provided by The Johns Hopkins University,Department of Economics in its series Economics Working Paper Archive with number 572.

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Date of creation: Oct 2010
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Handle: RePEc:jhu:papers:572

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  1. Baucells, Manel & Shapley, Lloyd S., 2008. "Multiperson utility," Games and Economic Behavior, Elsevier, vol. 62(2), pages 329-347, March.
  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. Dubra, Juan, 2011. "Continuity and completeness under risk," Mathematical Social Sciences, Elsevier, vol. 61(1), pages 80-81, January.
  4. Efe A. Ok & Pietro Ortoleva & Gil Riella, 2012. "Incomplete Preferences Under Uncertainty: Indecisiveness in Beliefs versus Tastes," Econometrica, Econometric Society, vol. 80(4), pages 1791-1808, 07.
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Cited by:
  1. Hill, Brian, 2011. "Deferral, incomplete preferences and confidence," Les Cahiers de Recherche 940, HEC Paris.
  2. Karni, Edi, 2011. "Continuity, completeness and the definition of weak preferences," Mathematical Social Sciences, Elsevier, vol. 62(2), pages 123-125, September.

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