Expected utility theory without the completeness axiom

Juan Dubra; Fabio Maccheroni; Efe A. Ok

doi:10.1016/S0022-0531(03)00166-2

Expected utility theory without the completeness axiom

Juan Dubra, Fabio Maccheroni, Efe A. Ok

Research output: Contribution to journal › Article › peer-review

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)
Pages (from-to)	118-133
Number of pages	16
Journal	Journal of Economic Theory
Volume	115
Issue number	1
DOIs	https://doi.org/10.1016/S0022-0531(03)00166-2
State	Published - Mar 2004

Keywords

Expected utility
Incomplete preference relations

ASJC Scopus subject areas

Economics and Econometrics

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10.1016/S0022-0531(03)00166-2

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Expected utility theory without the completeness axiom

Abstract

Keywords

ASJC Scopus subject areas

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