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Expected Multi-Utility Representations by "Simplex" with Applications

Author

Listed:
  • Dino Borie

    (GREDEG CNRS
    University of Nice Sophia Antipolis)

Abstract

We give sufficient conditions to characterize the class of (possibly incomplete) preference relations over lotteries which can be represented by a Bauer simplex of (continuous) expected utility functions that preserve both indifferences and strict preferences. Our result is applied to a model of stochastic choice with the measurement of random expected utility functions and to a model of subjective expected utility with subjective states of the world.

Suggested Citation

  • Dino Borie, 2016. "Expected Multi-Utility Representations by "Simplex" with Applications," GREDEG Working Papers 2016-10, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
  • Handle: RePEc:gre:wpaper:2016-10
    as

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    File URL: http://www.gredeg.cnrs.fr/working-papers/GREDEG-WP-2016-10.pdf
    File Function: First version, 2016
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    References listed on IDEAS

    as
    1. 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.
    2. Karni, Edi, 2006. "Subjective expected utility theory without states of the world," Journal of Mathematical Economics, Elsevier, vol. 42(3), pages 325-342, June.
    3. Faruk Gul & Wolfgang Pesendorfer, 2006. "Random Expected Utility," Econometrica, Econometric Society, vol. 74(1), pages 121-146, January.
    4. Dekel, Eddie & Lipman, Barton L & Rustichini, Aldo, 2001. "Representing Preferences with a Unique Subjective State Space," Econometrica, Econometric Society, vol. 69(4), pages 891-934, July.
    5. Blavatskyy, Pavlo R., 2008. "Stochastic utility theorem," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1049-1056, December.
    6. Pavlo Blavatskyy, 2012. "Probabilistic choice and stochastic dominance," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 50(1), pages 59-83, May.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Incomplete preferences; expected utility; random utility; random choice; subjective expected utility; states of the world;

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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