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Expected Utility Without the Completeness Axiom

Juan Dubra (), Fabio Maccheroni and Efe Ok

Yale School of Management Working Papers from Yale School of Management

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 is unique in a well-defined sense.

Keywords: Expected Utility; Incomplete Preferences (search for similar items in EconPapers)
JEL-codes: D81 D11 (search for similar items in EconPapers)
Date: 2004-07-28
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