We study preferences over lotteries which do not necessarily satisfy completeness. We provide a characterization which generalizes Expected Utility theory. We show in particular that various sure-thing axioms are needed to guaranteee the representability in terms of utility intervals rather than numbers, and to provide a linear interval order representation which is very much in the spirit of Expected Utility theory.
Copyright 2008 Elsevier B.V., All rights reserved.
- ECON Microeconomic Theory
- Incomplete preference relations
- Interval orders
- Partial orders