Expected utility theory without the completeness axiom

• 成果类型: Article
• 署名作者: Dubra, J; Maccheroni, F; Ok, EA
• 署名单位: New York University; Universidad de Montevideo; Bocconi University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00166-2
• 发表日期: 2004
• 页码: 118-133
• 关键词: incomplete preference relations; expected utility

摘要

We study 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. (C) 2003 Elsevier Science (USA). All rights reserved.