Expected utility in Savage’s framework without the completeness axiom

Dino Borie ()
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Dino Borie: CY Cergy Paris Université

Economic Theory, 2023, vol. 76, issue 2, No 5, 525-550

Abstract: Abstract This paper extends the subjective expected utility model of decision making under uncertainty to include incomplete beliefs and tastes in Savage’s framework. The main result is an axiomatization of the subjective multi-prior expected multi-utility representations of preference relations under uncertainty. In contrast with the existing works, the setup allows for flexibility regarding the outcome space. The approach of this paper also provides theoretical foundations for subjective Knightian uncertainty and the expected multi-utility model with complete beliefs.

Keywords: Subjective expected utility; Incomplete preferences; Multiple beliefs; Multiple tastes (search for similar items in EconPapers)
JEL-codes: D11 D81 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s00199-022-01464-y

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