Expected Utility Theory without the Completeness Axiom
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.
|Date of creation:||Feb 2001|
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- Vind, Karl, 2000.
"von Neumann Morgenstern preferences,"
Journal of Mathematical Economics,
Elsevier, vol. 33(1), pages 109-122, February.
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- Grandmont, Jean-Michel, 1972. "Continuity properties of a von Neumann-Morgenstern utility," Journal of Economic Theory, Elsevier, vol. 4(1), pages 45-57, February.
- Fishburn, Peter C., 1975. "Separation theorems and expected utilities," Journal of Economic Theory, Elsevier, vol. 11(1), pages 16-34, August.
- Fabio Maccheroni, 2002. "Maxmin under risk," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 19(4), pages 823-831. Full references (including those not matched with items on IDEAS)
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