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Finite expected multi-utility representation

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  • Dino Borie

    (THEMA, Université de Cergy-Pontoise)

Abstract

I study the problem of obtaining a finite expected multi-utility representation for an incomplete preference relation over lotteries. 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 and an additional necessary and sufficient axiom.

Suggested Citation

  • Dino Borie, 2020. "Finite expected multi-utility representation," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 8(2), pages 325-331, October.
    • Handle: RePEc:spr:etbull:v:8:y:2020:i:2:d:10.1007_s40505-020-00186-5
    DOI: 10.1007/s40505-020-00186-5
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    References listed on IDEAS

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    1. Itzhak Gilboa & Fabio Maccheroni & Massimo Marinacci & David Schmeidler, 2010. "Objective and Subjective Rationality in a Multiple Prior Model," Econometrica, Econometric Society, vol. 78(2), pages 755-770, March.
    2. Juan Dubra & Fabio Maccheroni & Efe A. Ok, 2004. "Expected Utility Without the Completeness Axiom," Yale School of Management Working Papers ysm404, Yale School of Management.
    3. Ok, Efe A., 2002. "Utility Representation of an Incomplete Preference Relation," Journal of Economic Theory, Elsevier, vol. 104(2), pages 429-449, June.
    4. Dubra, Juan & Maccheroni, Fabio & Ok, Efe A., 2004. "Expected utility theory without the completeness axiom," Journal of Economic Theory, Elsevier, vol. 115(1), pages 118-133, March.
    5. Kazuhiro Hara & Efe A. Ok & Gil Riella, 2019. "Coalitional Expected Multi‐Utility Theory," Econometrica, Econometric Society, vol. 87(3), pages 933-980, May.
    6. Özgür Evren, 2008. "On the existence of expected multi-utility representations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 35(3), pages 575-592, June.
    7. Ghirardato, Paolo & Maccheroni, Fabio & Marinacci, Massimo, 2004. "Differentiating ambiguity and ambiguity attitude," Journal of Economic Theory, Elsevier, vol. 118(2), pages 133-173, October.
    8. Evren, Özgür & Ok, Efe A., 2011. "On the multi-utility representation of preference relations," Journal of Mathematical Economics, Elsevier, vol. 47(4-5), pages 554-563.
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    Cited by:

    1. McCarthy, David & Mikkola, Kalle & Thomas, Teruji, 2021. "Expected utility theory on mixture spaces without the completeness axiom," Journal of Mathematical Economics, Elsevier, vol. 97(C).

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    More about this item

    Keywords

    Incomplete preference relations; Expected utility; Multi-utility; Finite representation;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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