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Multiple tastes and beliefs with an infinite prize space

Kazuhiro Hara (kazuhiro.hara@fgv.br) and Gil Riella (gil.riella@fgv.br)
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Kazuhiro Hara: FGV EPGE Brazilian School of Economics and Finance
Gil Riella: Getulio Vargas Foundation

Economic Theory, 2023, vol. 76, issue 2, No 2, 417-444

Abstract: Abstract All previous axiomatizations of the multi-prior expected multi-utility representation work under the restriction of a finite prize space. In this paper we present an axiomatization of that model when the prize space is an arbitrary compact metric space. This opens the possibility of applying the model to new situations, like a setup with monetary lotteries and certainty equivalents. We illustrate this point with two applications. In addition, we use our main result to prove that the finite prize space assumption in Galaabaatar and Karni (Econometrica 81(1):255–284, 2013) can be weakened to a compact metric prize space.

Keywords: Incomplete preferences under uncertainty; State-dependent utility function; Multi-prior expected multi-utility representation; Cautious expected utility (search for similar items in EconPapers)
JEL-codes: D11 D81 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s00199-022-01452-2

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