Document Type
Discussion Paper
Publication Date
1-1-2001
CFDP Number
1294
CFDP Pages
12
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.
Recommended Citation
Dubra, Juan; Maccheroni, Fabio; and Ok, Efe A., "Expected Utility Theory without the Completeness Axiom" (2001). Cowles Foundation Discussion Papers. 1548.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/1548