On the representation of incomplete preferences over risky alternatives

Paola Manzini; Marco Mariotti

doi:10.1007/s11238-007-9086-7

On the representation of incomplete preferences over risky alternatives

Paola Manzini^*, Marco Mariotti

^*Corresponding author for this work

School of Economics

Research output: Contribution to journal › Article (Academic Journal) › peer-review

8 Citations (Scopus)

Abstract

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.

Original language	English
Pages (from-to)	303-323
Number of pages	21
Journal	Theory and Decision
Volume	65
Issue number	4
DOIs	https://doi.org/10.1007/s11238-007-9086-7
Publication status	Published - Dec 2008

Bibliographical note

Copyright:
Copyright 2008 Elsevier B.V., All rights reserved.

Structured keywords

ECON Microeconomic Theory

Keywords

Incomplete preference relations
Interval orders
Partial orders

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10.1007/s11238-007-9086-7

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abstract = "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.",

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AU - Manzini, Paola

AU - Mariotti, Marco

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AB - 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.

KW - Incomplete preference relations

KW - Interval orders

KW - Partial orders

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U2 - 10.1007/s11238-007-9086-7

DO - 10.1007/s11238-007-9086-7

M3 - Article (Academic Journal)

AN - SCOPUS:54949092904

SN - 0040-5833

VL - 65

SP - 303

EP - 323

JO - Theory and Decision

JF - Theory and Decision

IS - 4

ER -

On the representation of incomplete preferences over risky alternatives

Abstract

Bibliographical note

Structured keywords

Keywords

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