Title

Expected Utility Theory without the Completeness Axiom

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.

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