Abstract
We study 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.
Original language | English (US) |
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Pages (from-to) | 118-133 |
Number of pages | 16 |
Journal | Journal of Economic Theory |
Volume | 115 |
Issue number | 1 |
DOIs | |
State | Published - Mar 2004 |
Keywords
- Expected utility
- Incomplete preference relations
ASJC Scopus subject areas
- Economics and Econometrics