Decision Making and Games with Vector Outcomes

Park Jaeok ()
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Park Jaeok: School of Economics, Yonsei University, 50 Yonsei-ro, Seodaemun-gu, Seoul 03722, Korea

The B.E. Journal of Theoretical Economics, 2020, vol. 20, issue 1, 14

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)
Date: 2020
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DOI: 10.1515/bejte-2018-0170

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