Expected Utility Without the Completeness Axiom
Posted: 29 Jul 2003
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.
Keywords: Expected Utility, Incomplete Preferences
JEL Classification: D11, D81
Suggested Citation: Suggested Citation
Dubra, Juan and Maccheroni, Fabio and Ok, Efe A., Expected Utility Without the Completeness Axiom. Available at SSRN: https://ssrn.com/abstract=426741
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