Expected Utility in Savage's Framework without the Completeness Axiom

Dino Borie ()
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Dino Borie: THEMA - Théorie économique, modélisation et applications - CNRS - Centre National de la Recherche Scientifique - CY - CY Cergy Paris Université

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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: D11; D81; Incomplete preferences; Multiple beliefs; Multiple tastes; Subjective expected utility (search for similar items in EconPapers)
Date: 2023
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Published in Economic Theory, 2023, 76 (2), pp.525--550. ⟨10.1007/s00199-022-01464-y⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04733215

DOI: 10.1007/s00199-022-01464-y

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