Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/49875
Authors: 
Galaabaatar, Tsogbadral
Karni, Edi
Year of Publication: 
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

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