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Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
Working Paper No. 572
Verlag: 
The Johns Hopkins University, Department of Economics, Baltimore, MD
Zusammenfassung: 
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.
Schlagwörter: 
Incomplete preferences
Knightian uncertainty
Multiprior expected multi-utility representations
Incomplete beliefs
Incomplete tastes
Dokumentart: 
Working Paper

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