Expected Utility Without the Completeness Axiom

Posted: 29 Jul 2003

See all articles by Juan Dubra

Juan Dubra

University of Montevideo - Department of Economics

Fabio Maccheroni

Bocconi University - Department of Decision Sciences

Efe A. Ok

Leonard N. Stern School of Business - 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.

Keywords: Expected Utility, Incomplete Preferences

JEL Classification: D11, D81

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

Juan Dubra (Contact Author)

University of Montevideo - Department of Economics ( email )

Prudencio de Pena 2440
Montevideo, CP 11600
Uruguay
5982 707 4461 (Phone)

HOME PAGE: http:\\www2.um.edu.uy\dubraj

Fabio Maccheroni

Bocconi University - Department of Decision Sciences ( email )

Via Roentgen 1
Milan, 20136
Italy

Efe A. Ok

Leonard N. Stern School of Business - Department of Economics ( email )

269 Mercer Street
New York, NY 10003
United States
212-998-8920 (Phone)
212-995-4186 (Fax)

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