Objective and Subjective Expected Utility with Incomplete Preferences

This paper extends the expected utility models of decision making under risk and under uncertainty to include incomplete beliefs and tastes. The main results are two axiomatizations of the multi-prior expected multi-utility representations of preference relation under uncertainty, thereby resolving long standing open questions. The Knightian uncertainty model and expected multi-utility model with complete beliefs are obtained as special cases. In addition, the von Neumann-Morgenstern expected utility model with incomplete preferences is revisited using a "constructive" approach, as opposed to earlier treatments that use convex analysis.

Objective and subjective expected utility with incomplete preferences, working paper

This paper extends the expected utility models of decision making under risk and under uncertainty to include incomplete beliefs and tastes. The main results are two axiomatizations of the multiprior expected multi-utility representations of preference relation under uncertainty, thereby resolving long standing open questions. The Knightian uncertainty model and expected multi-utility model with complete beliefs are obtained as special cases. In addition, the von Neumann-Morgenstern expected utility model with incomplete preferences is revisited using a “constructive ” approach, as opposed to earlier treatments that use convex analysis

Subjective expected utility with incomplete preferences

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 belief