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How vague can one be? Rational preferences without completeness or transitivity

Author

Listed:
  • Paola Manzini

    (Queen Mary, University of London & IZA)

  • Marco Mariotti

    (Queen Mary, University of London)

Abstract

What can it mean for preferences to be rational when transitivity or completenss are not assumed? In this paper we provide a framework and a set of conditions to deal with this question. We provide representation results in terms of a pair of functions, a utility function and a vagueness function.

Suggested Citation

  • 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.
  • Handle: RePEc:wpa:wuwpga:0312006
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    File URL: http://econwpa.repec.org/eps/game/papers/0312/0312006.pdf
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    References listed on IDEAS

    as
    1. Mongin, P., 1998. "Does Optimization Imply Rationality?," Papers 9817, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
    2. Bridges, Douglas S., 1983. "Numerical representation of intransitive preferences on a countable set," Journal of Economic Theory, Elsevier, vol. 30(1), pages 213-217, June.
    3. Masatlioglu, Yusufcan & Ok, Efe A., 2005. "Rational choice with status quo bias," Journal of Economic Theory, Elsevier, vol. 121(1), pages 1-29, March.
    4. Mandler, Michael, 2005. "Incomplete preferences and rational intransitivity of choice," Games and Economic Behavior, Elsevier, vol. 50(2), pages 255-277, February.
    5. 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.
    6. Ok, Efe A., 2002. "Utility Representation of an Incomplete Preference Relation," Journal of Economic Theory, Elsevier, vol. 104(2), pages 429-449, June.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Kraus, Alan & Sagi, Jacob S., 2006. "Inter-temporal preference for flexibility and risky choice," Journal of Mathematical Economics, Elsevier, vol. 42(6), pages 698-709, September.
    2. Eric Danan, 2010. "Randomization vs. Selection: How to Choose in the Absence of Preference?," Management Science, INFORMS, vol. 56(3), pages 503-518, March.

    More about this item

    Keywords

    incomplete preferences; vagueness; sure-thing principle;

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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