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Expected Utility Theory without the Completeness Axiom

Juan Dubra (), Fabio Maacheroni and Efe Ok
Additional contact information
Fabio Maacheroni: Universita Bocconi

No 1294, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: We study axiomatically the problem of obtaining an expected utility representation for a potentially incomplete preference relation over lotteries by means of a set of von Neumann-Morgenstern utility functions. It is shown that, when the prize space is a compact metric space, a preference relation admits such a multi-utility representation provided that it satisfies the standard axioms of expected utility theory. Moreover, the representing set of utilities is unique in a well-defined sense.

Keywords: Expected utility; incomplete preferences (search for similar items in EconPapers)
JEL-codes: D11 D81 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2001-02
New Economics Papers: this item is included in nep-mic
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Journal Article: Expected utility theory without the completeness axiom (2004) Downloads
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