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Expected Utility Without the Completeness Axiom

Author

Listed:
  • 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)

Abstract

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.

Suggested Citation

  • 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.
    • Handle: RePEc:ysm:somwrk:ysm404
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    File URL: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=426741
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    More about this item

    Keywords

    Expected Utility; Incomplete Preferences;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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