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: | Manzini Paola, Mariotti Marco |
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.