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dc.contributor.authorGalaabaatar, Tsogbadralen_US
dc.contributor.authorKarni, Edien_US
dc.description.abstractThis 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.en_US
dc.publisherJohns Hopkins Univ., Dep. of Economics Baltimore, Md.en_US
dc.relation.ispartofseriesWorking papers // the Johns Hopkins University, Department of Economics 572en_US
dc.subject.keywordIncomplete preferencesen_US
dc.subject.keywordKnightian uncertaintyen_US
dc.subject.keywordMultiprior expected multi-utility representationsen_US
dc.subject.keywordIncomplete beliefsen_US
dc.subject.keywordIncomplete tastesen_US
dc.titleObjective and subjective expected utility with incomplete preferencesen_US
dc.typeWorking Paperen_US
Appears in Collections:Working Papers, Department of Economics, The Johns Hopkins University

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