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Expected Utility Theory without the Completeness Axiom (2004)
by
Juan Dubra
,
Fabio Maccheroni
,
Efe A. Ok
| Venue: | JOURNAL OF ECONOMIC THEORY, VOLUME 115, ISSUE 1 |
| Citations: | 48 - 8 self |
BibTeX
@MISC{Dubra04expectedutility,
author = {Juan Dubra and Fabio Maccheroni and Efe A. Ok},
title = {Expected Utility Theory without the Completeness Axiom},
year = {2004}
}
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Abstract
We study the problem of obtaining an expected utility representation for a potentially incomplete preference relation over lotteriesby meansof 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.
