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Expected utility theory without the completeness axiom

  • Juan Dubra
  • Fabio Maccheroni

    ()

  • Efe Oki

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 in unique in a well-defined sense.

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File URL: http://servizi.sme.unito.it/icer_repec/RePEc/icr/wp2001/Maccheroni11-01.pdf
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Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers - Applied Mathematics Series with number 11-2001.

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Length: 14 pages
Date of creation: Apr 2001
Date of revision:
Handle: RePEc:icr:wpmath:11-2001
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  1. Juan Dubra & Efe A. Ok, 2002. "A Model of Procedural Decision Making in the Presence of Risk," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(4), pages 1053-1080, November.
  2. Fishburn, Peter C., 1975. "Separation theorems and expected utilities," Journal of Economic Theory, Elsevier, vol. 11(1), pages 16-34, August.
  3. Mandler, Michael, 2005. "Incomplete preferences and rational intransitivity of choice," Games and Economic Behavior, Elsevier, vol. 50(2), pages 255-277, February.
  4. Manel Baucells & Lloyd S. Shapley, 2000. "Multiperson Utility," Econometric Society World Congress 2000 Contributed Papers 0078, Econometric Society.
  5. Vind, Karl, 2000. "von Neumann Morgenstern preferences," Journal of Mathematical Economics, Elsevier, vol. 33(1), pages 109-122, February.
  6. Majumdar, Mukul & Sen, Amartya K, 1976. "A Note on Representing Partial Orderings," Review of Economic Studies, Wiley Blackwell, vol. 43(3), pages 543-45, October.
  7. Grandmont, Jean-Michel, 1972. "Continuity properties of a von Neumann-Morgenstern utility," Journal of Economic Theory, Elsevier, vol. 4(1), pages 45-57, February.
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