IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-04733215.html
   My bibliography  Save this paper

Expected Utility in Savage's Framework without the Completeness Axiom

Author

Listed:
  • Dino Borie

    (THEMA - Théorie économique, modélisation et applications - CNRS - Centre National de la Recherche Scientifique - CY - CY Cergy Paris Université)

Abstract

This paper extends the subjective expected utility model of decision making under uncertainty to include incomplete beliefs and tastes in Savage's framework. The main result is an axiomatization of the subjective multi-prior expected multi-utility representations of preference relations under uncertainty. In contrast with the existing works, the setup allows for flexibility regarding the outcome space. The approach of this paper also provides theoretical foundations for subjective Knightian uncertainty and the expected multi-utility model with complete beliefs.

Suggested Citation

  • Dino Borie, 2023. "Expected Utility in Savage's Framework without the Completeness Axiom," Post-Print hal-04733215, HAL.
    • Handle: RePEc:hal:journl:hal-04733215
    DOI: 10.1007/s00199-022-01464-y
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Keywords

    D11; D81; Incomplete preferences; Multiple beliefs; Multiple tastes; Subjective expected utility;
    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-04733215. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.