Expected Utility Without the Completeness Axiom
Juan Dubra (),
Fabio Maccheroni and
Yale School of Management Working Papers from Yale School of Management
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)
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Persistent link: https://EconPapers.repec.org/RePEc:ysm:somwrk:ysm404
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