How vague can one be? Rational preferences without completeness or transitivity
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.
|Date of creation:||12 Dec 2003|
|Date of revision:||16 Jul 2004|
|Note:||Type of Document - ; prepared on WinNT; to print on laser;|
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- 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.
- Mongin, P., 1998.
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9817, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
- 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.
- Ok, Efe A., 2002. "Utility Representation of an Incomplete Preference Relation," Journal of Economic Theory, Elsevier, vol. 104(2), pages 429-449, June.
- Masatlioglu, Yusufcan & Ok, Efe A., 2005. "Rational choice with status quo bias," Journal of Economic Theory, Elsevier, vol. 121(1), pages 1-29, March.
- Mandler, Michael, 2005. "Incomplete preferences and rational intransitivity of choice," Games and Economic Behavior, Elsevier, vol. 50(2), pages 255-277, February.
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