On the Representation of Incomplete Preferences Over Risky Alternatives |
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| Authors: | Paola Manzini Marco Mariotti |
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| Institution: | (1) Department of Economics, University of London, Queen Mary, E1 4NS London, UK;(2) Institute for the study of Labour (IZA), D-53072 Bonn, Germany |
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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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| Keywords: | incomplete preference relations interval orders partial orders |
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