A strict expected multi-utility theorem
Journal of Mathematical Economics, 2017, vol. 71, issue C, 92-95
This paper integrates two key approaches to the representation of incomplete preferences over lotteries. The main result strengthens the conclusion of the expected multi-utility theorem in Dubra, Maccheroni, and Ok (2004) by ensuring that all utility indices involved are Aumann utilities (i.e., yield a strictly increasing expectation). The advantages of the method are demonstrated by parametrizing maximal elements and by providing a novel characterization of Aumann utilities.
Keywords: Incomplete preference relations; Expected utility (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:71:y:2017:i:c:p:92-95
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