Objective and Subjective Expected Utility with Incomplete Preferences

Tsogbadral Galaabaatar and Edi Karni

Economics Working Paper Archive from The Johns Hopkins University,Department of Economics

Abstract: This paper extends the expected utility models of decision making under risk and under uncertainty to include incomplete beliefs and tastes. The main results are two axiomatizations of the multi-prior expected multi-utility representations of preference relation under uncertainty, thereby resolving long standing open questions. The Knightian uncertainty model and expected multi-utility model with complete beliefs are obtained as special cases. In addition, the von Neumann-Morgenstern expected utility model with incomplete preferences is revisited using a "constructive" approach, as opposed to earlier treatments that use convex analysis.

Date: 2010-10
New Economics Papers: this item is included in nep-upt
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Citations: View citations in EconPapers (3)

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