Arbeitspapier
Objective and subjective expected utility with incomplete preferences
This paper extends the expected utility models of decision making under risk and under uncertainty to include incomplete beliefs and tastes. The main results are two axiomatizations of the multi-prior expected multi-utility representations of preference relation under uncertainty, thereby resolving long standing open questions. The Knightian uncertainty model and expected multi-utility model with complete beliefs are obtained as special cases. In addition, the von Neumann-Morgenstern expected utility model with incomplete preferences is revisited using a 'constructive' approach, as opposed to earlier treatments that use convex analysis.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 572
- Klassifikation
-
Wirtschaft
- Thema
-
Incomplete preferences
Knightian uncertainty
Multiprior expected multi-utility representations
Incomplete beliefs
Incomplete tastes
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Galaabaatar, Tsogbadral
Karni, Edi
- Ereignis
-
Veröffentlichung
- (wer)
-
The Johns Hopkins University, Department of Economics
- (wo)
-
Baltimore, MD
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Galaabaatar, Tsogbadral
- Karni, Edi
- The Johns Hopkins University, Department of Economics
Entstanden
- 2010
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