Expected Multi-Utility Representations by "Simplex" with Applications
Dino Borie ()
No 2016-10, GREDEG Working Papers from Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis
We give sufficient conditions to characterize the class of (possibly incomplete) preference relations over lotteries which can be represented by a Bauer simplex of (continuous) expected utility functions that preserve both indifferences and strict preferences. Our result is applied to a model of stochastic choice with the measurement of random expected utility functions and to a model of subjective expected utility with subjective states of the world.
Keywords: Incomplete preferences; expected utility; random utility; random choice; subjective expected utility; states of the world (search for similar items in EconPapers)
JEL-codes: D80 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mic, nep-pke and nep-upt
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Persistent link: http://EconPapers.repec.org/RePEc:gre:wpaper:2016-10
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