Econometrica: Jan 2013, Volume 81, Issue 1

Subjective Expected Utility With Incomplete Preferences

https://doi.org/10.3982/ECTA9621
p. 255-284

Tsogbadral Galaabaatar, Edi Karni

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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