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Expected Utility Without the Completeness Axiom

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Author Info

  • Juan Dubra

    ()
    (Universidad de Montevideo, Department of Economics)

  • Fabio Maccheroni

    ()
    (University of Bocconi, Istituto di Metodi Quantitativi (IMQ))

  • Efe A. Ok

    ()
    (New York University, Faculty of Arts and Science, Department of Economics)

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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Bibliographic Info

Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm404.

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Date of creation: 28 Jul 2004
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Handle: RePEc:ysm:somwrk:ysm404

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Web page: http://icf.som.yale.edu/
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Related research

Keywords: Expected Utility; Incomplete Preferences;

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Cited by:
  1. Mc Kiernan, Daniel Kian, 2012. "Indifference, indecision, and coin-flipping," Journal of Mathematical Economics, Elsevier, vol. 48(4), pages 237-246.
  2. Paola Manzini & Marco Mariotti, 2003. "How vague can one be? Rational preferences without completeness or transitivity," Game Theory and Information 0312006, EconWPA, revised 16 Jul 2004.
  3. Chen Li & Zhihua Li & Peter Wakker, 2014. "If nudge cannot be applied: a litmus test of the readers’ stance on paternalism," Theory and Decision, Springer, vol. 76(3), pages 297-315, March.

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