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