Expected utility without full transitivity

Walter Bossert and Kotaro Suzumura

Social Choice and Welfare, 2015, vol. 45, issue 4, 707-722

Abstract: We generalize the classical expected-utility criterion by weakening transitivity to Suzumura consistency. In the absence of full transitivity, reflexivity and completeness no longer follow as a consequence of the system of axioms employed and a richer class of rankings of probability distributions results. This class is characterized by means of standard expected-utility axioms in addition to Suzumura consistency. An important feature of some members of our new class is that they allow us to soften the negative impact of so-called paradoxes that involve preference reversals without abandoning the expected-utility framework altogether. Copyright Springer-Verlag Berlin Heidelberg 2015

Keywords: D81 (search for similar items in EconPapers)
Date: 2015
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Working Paper: Expected utility without full transitivity (2014)
Working Paper: Expected utility without full transitivity (2014)
Working Paper: Expected Utility without Full Transitivity (2014)
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DOI: 10.1007/s00355-015-0876-5

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