Expected Utility in Savage's Framework without the Completeness Axiom

Dino Borie

Post-Print from HAL

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
References: Add references at CitEc
Citations:

Published in Economic Theory, 2023, 76 (2), pp.525--550. ⟨10.1007/s00199-022-01464-y⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Expected utility in Savage’s framework without the completeness axiom (2023)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

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

DOI: 10.1007/s00199-022-01464-y

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().