Expected utility without full transitivity

Walter Bossert and Kotaro Suzumura

No 627, CIS Discussion paper series from Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University

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 wellknown paradoxes without abandoning the expected-utility framework altogether.

JEL-codes: D81 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2014-06
New Economics Papers: this item is included in nep-mic and nep-upt
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https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/26741/cis_dp627.pdf

Related works:
Journal Article: Expected utility without full transitivity (2015)
Working Paper: Expected utility without full transitivity (2014)
Working Paper: Expected Utility without Full Transitivity (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:hit:cisdps:627

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