Probabilistic sophistication without completeness (Q776961): Difference between revisions

The paper deals with an axiomatics for probabilistic choice behavior under the condition of incomplete preference relation and representations of ambiguous beliefs and tastes. The author considers a finite set \(S\) of states, set \(X\) of outcomes, set of simple probability distributions on \(X\) denoted \(\Delta X\) and set \(H\), which is the set of mappings defined on \(S\) to \(\Delta X\). Eight axioms are formulated using this framework. Using the axioms, the author proves several theorems, in which conditions for the existence of representations of incomplete preference relations as well as ambiguous beliefs and tastes are formulated. Relations to weak preferences and their representations and a topological approach are briefly discussed.