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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)

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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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Publisher 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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Related research
Keywords: Expected Utility; Incomplete Preferences;

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

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  1. 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. [Downloadable!]
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