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A strict expected multi-utility theorem

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  • Gorno, Leandro

Abstract

This paper integrates two key approaches to the representation of incomplete preferences over lotteries. The main result strengthens the conclusion of the expected multi-utility theorem in Dubra, Maccheroni, and Ok (2004) by ensuring that all utility indices involved are Aumann utilities (i.e., yield a strictly increasing expectation). The advantages of the method are demonstrated by parametrizing maximal elements and by providing a novel characterization of Aumann utilities.

Suggested Citation

  • Gorno, Leandro, 2017. "A strict expected multi-utility theorem," Journal of Mathematical Economics, Elsevier, vol. 71(C), pages 92-95.
    • Handle: RePEc:eee:mateco:v:71:y:2017:i:c:p:92-95
    DOI: 10.1016/j.jmateco.2017.03.006
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    References listed on IDEAS

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    1. Mukul Majumdar & Amartya Sen, 1976. "A Note on Representing Partial Orderings," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 43(3), pages 543-545.
    2. Özgür Evren, 2012. "Scalarization Methods and Expected Multi-Utility Representations," Working Papers w0174, New Economic School (NES).
    3. Juan Dubra & Fabio Maccheroni & Efe A. Ok, 2004. "Expected Utility Without the Completeness Axiom," Yale School of Management Working Papers ysm404, Yale School of Management.
    4. Dubra, Juan & Maccheroni, Fabio & Ok, Efe A., 2004. "Expected utility theory without the completeness axiom," Journal of Economic Theory, Elsevier, vol. 115(1), pages 118-133, March.
    5. McLennan, Andrew, 2002. "Ordinal Efficiency and the Polyhedral Separating Hyperplane Theorem," Journal of Economic Theory, Elsevier, vol. 105(2), pages 435-449, August.
    6. Evren, Özgür, 2014. "Scalarization methods and expected multi-utility representations," Journal of Economic Theory, Elsevier, vol. 151(C), pages 30-63.
    7. Carroll, Gabriel, 2010. "An efficiency theorem for incompletely known preferences," Journal of Economic Theory, Elsevier, vol. 145(6), pages 2463-2470, November.
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    Citations

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    Cited by:

    1. McCarthy, David & Mikkola, Kalle & Thomas, Teruji, 2020. "Utilitarianism with and without expected utility," Journal of Mathematical Economics, Elsevier, vol. 87(C), pages 77-113.
    2. Harvey Lederman, 2023. "Incompleteness, Independence, and Negative Dominance," Papers 2311.08471, arXiv.org.
    3. McCarthy, David & Mikkola, Kalle & Thomas, Teruji, 2021. "Expected utility theory on mixture spaces without the completeness axiom," Journal of Mathematical Economics, Elsevier, vol. 97(C).
    4. Gorno, Leandro & Rivello, Alessandro T., 2023. "A maximum theorem for incomplete preferences," Journal of Mathematical Economics, Elsevier, vol. 106(C).
    5. Peter Caradonna & Christopher P. Chambers, 2023. "A Note on Invariant Extensions of Preorders," Papers 2303.04522, arXiv.org.
    6. McCarthy, David & Mikkola, Kalle & Thomas, Teruji, 2016. "Utilitarianism with and without expected utility," MPRA Paper 72578, University Library of Munich, Germany.

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