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Title:Objective and subjective expected utility with incomplete preferences PDF Logo
Authors:Galaabaatar, Tsogbadral
Karni, Edi
Issue Date:2010
Series/Report no.:Working papers // the Johns Hopkins University, Department of Economics 572
Abstract: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.
Subjects:Incomplete preferences
Knightian uncertainty
Multiprior expected multi-utility representations
Incomplete beliefs
Incomplete tastes
Document Type:Working Paper
Appears in Collections:Working Papers, Department of Economics, The Johns Hopkins University

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