On the Representation of Incomplete Preferences over Risky Alternatives

Paola Manzini, Marco Mariotti

    Research output: Contribution to journalArticlepeer-review

    9 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 languageEnglish
    Pages (from-to)303-323
    Number of pages21
    JournalTheory and Decision
    Volume65
    Issue number4
    DOIs
    Publication statusPublished - Dec 2008

    Keywords

    • incomplete preference relations
    • interval orders
    • partial orders
    • COMPLETENESS AXIOM
    • UTILITY-THEORY
    • CHOICE

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