Decision Making and Games with Vector Outcomes

Jaeok Park
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Jaeok Park: Yonsei University

No 2019rwp-146, Working papers from Yonsei University, Yonsei Economics Research Institute

Abstract: In this paper, we study decision making and games with vector outcomes. We provide a general framework where outcomes lie in a real topological vector space and the decision maker’s preferences over outcomes are described by a preference cone, which is defined as a convex cone satisfying a continuity axiom. Further, we define a notion of utility representation and introduce a duality between outcomes and utilities. We provide conditions under which a preference cone is represented by a utility and is the dual of a set of utilities. We formulate a decision-making problem with vector outcomes and study optimal choices. We also consider games with vector outcomes and characterize the set of equilibria. Lastly, we discuss the problem of equilibrium selection based on our characterization.

Keywords: Decision making; Duality; Games; Incomplete preferences; Utility representation; Vector outcomes. (search for similar items in EconPapers)
JEL-codes: C02 C72 D01 (search for similar items in EconPapers)
Pages: 24pages
Date: 2019-09
New Economics Papers: this item is included in nep-gth, nep-mic, nep-ore and nep-upt
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