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Expected Utility Without the Completeness Axiom

  • Juan Dubra

    ()

    (Universidad de Montevideo, Department of Economics)

  • Fabio Maccheroni

    ()

    (University of Bocconi, Istituto di Metodi Quantitativi (IMQ))

  • Efe A. Ok

    ()

    (New York University, Faculty of Arts and Science, Department of Economics)

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.

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Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm404.

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Date of creation: 28 Jul 2004
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Handle: RePEc:ysm:somwrk:ysm404
Contact details of provider: Web page: http://icf.som.yale.edu/

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