Expected utility theory without the completeness axiom
Juan Dubra (),
Fabio Maccheroni and
ICER Working Papers - Applied Mathematics Series from ICER - International Centre for Economic Research
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
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Journal Article: Expected utility theory without the completeness axiom (2004)
Working Paper: Expected Utility Theory without the Completeness Axiom (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:icr:wpmath:11-2001
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