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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

Abstract: 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
Date: 2016-05
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Persistent link: http://EconPapers.repec.org/RePEc:gre:wpaper:2016-10

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