On the Representation of Incomplete Preferences Over Risky Alternatives

On the Representation of Incomplete Preferences Over Risky Alternatives

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Article ID: iaor20097226
Country: Netherlands
Volume: 65
Issue: 4
Start Page Number: 303
End Page Number: 323
Publication Date: Dec 2008
Journal: Theory and Decision
Authors: ,
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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