Expected Utility Theory without the Completeness Axiom
Juan Dubra (),
Fabio Maacheroni and
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Fabio Maacheroni: Universita Bocconi
No 1294, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University
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
New Economics Papers: this item is included in nep-mic
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Journal Article: Expected utility theory without the completeness axiom (2004)
Working Paper: Expected utility theory without the completeness axiom (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:cwl:cwldpp:1294
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