2013EconometricaRequires access

Subjective Expected Utility With Incomplete Preferences

Tsogbadral Galaabaatar, Edi Karni

Open publisher page 135 citations

Abstract

This paper extends the subjective expected utility model of decision making under uncertainty to include incomplete beliefs and tastes. The main results are two axiomatizations of the multiprior expected multiutility representations of preference relations under uncertainty. The paper also introduces new axiomatizations of Knightian uncertainty and the expected multiutility model with complete beliefs.

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What this paper is about

This paper extends the subjective expected utility model of decision making under uncertainty to include incomplete beliefs and tastes. The main results are two axiomatizations of the multiprior expected multiutility representations of preference relations under uncertainty. The paper also introduces new axiomatizations of Knightian uncertainty and the expected multiutility model with complete beliefs.

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OpenAlex reports 135 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

This paper extends the subjective expected utility model of decision making under uncertainty to include incomplete beliefs and tastes. The main results are two axiomatizations of the multiprior expected multiutility representations of preference relations under uncertainty. The paper also introduces new axiomatizations of Knightian uncertainty and the expected multiutility model with complete beliefs.

Key concepts: Knightian uncertainty, Preference, Subjective expected utility, Expected utility hypothesis, Mathematical economics, Complete information, Econometrics, Mathematics

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