A strict expected multi-utility theorem |
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| Institution: | 1. Ministry of Land, Infrastructure, Transport and Tourism, Japan;2. Department of Economics, University of California San Diego, United States;1. Dipartimento di Scienze Economiche e Statistiche, Università degli Studi di Napoli Federico II, Italy;2. CSEF, Italy;3. School of Applied Mathematics and Physical Sciences, Department of Mathematics, National Technical University of Athens, Greece;1. Department of Economics and Management, Université de Cergy-Pontoise & THEMA,Cergy-Pontoise, 95011, France;2. Department of Economics, University of Georgia, Athens, GA, 30602, USA |
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| Abstract: | This paper integrates two key approaches to the representation of incomplete preferences over lotteries. The main result strengthens the conclusion of the expected multi-utility theorem in Dubra, Maccheroni, and Ok (2004) by ensuring that all utility indices involved are Aumann utilities (i.e., yield a strictly increasing expectation). The advantages of the method are demonstrated by parametrizing maximal elements and by providing a novel characterization of Aumann utilities. |
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| Keywords: | Incomplete preference relations Expected utility |
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