Expected utility theory without the completeness axiom

Juan Dubra (), Fabio Maccheroni and Efe Oki

ICER Working Papers - Applied Mathematics Series from ICER - International Centre for Economic Research

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 in unique in a well-defined sense.

Pages: 14 pages
Date: 2001-04
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (21)

Downloads: (external link)
http://www.bemservizi.unito.it/repec/icr/wp2001/Maccheroni11-01.pdf (application/pdf)

Related works:
Journal Article: Expected utility theory without the completeness axiom (2004)
Working Paper: Expected Utility Theory without the Completeness Axiom (2001)
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:icr:wpmath:11-2001

Access Statistics for this paper

More papers in ICER Working Papers - Applied Mathematics Series from ICER - International Centre for Economic Research Corso Unione Sovietica, 218bis - 10134 Torino - Italy. Contact information at EDIRC.
Bibliographic data for series maintained by Daniele Pennesi ().