Expected utility theory on mixture spaces without the completeness axiom
From MaRDI portal
Publication:2057258
Abstract: A mixture preorder is a preorder on a mixture space (such as a convex set) that is compatible with the mixing operation. In decision theoretic terms, it satisfies the central expected utility axiom of strong independence. We consider when a mixture preorder has a multi-representation that consists of real-valued, mixture-preserving functions. If it does, it must satisfy the mixture continuity axiom of Herstein and Milnor (1953). Mixture continuity is sufficient for a mixture-preserving multi-representation when the dimension of the mixture space is countable, but not when it is uncountable. Our strongest positive result is that mixture continuity is sufficient in conjunction with a novel axiom we call countable domination, which constrains the order complexity of the mixture preorder in terms of its Archimedean structure. We also consider what happens when the mixture space is given its natural weak topology. Continuity (having closed upper and lower sets) and closedness (having a closed graph) are stronger than mixture continuity. We show that continuity is necessary but not sufficient for a mixture preorder to have a mixture-preserving multi-representation. Closedness is also necessary; we leave it as an open question whether it is sufficient. We end with results concerning the existence of mixture-preserving multi-representations that consist entirely of strictly increasing functions, and a uniqueness result.
Recommendations
Cites work
- scientific article; zbMATH DE number 5135703 (Why is no real title available?)
- scientific article; zbMATH DE number 3784589 (Why is no real title available?)
- scientific article; zbMATH DE number 3525695 (Why is no real title available?)
- scientific article; zbMATH DE number 3286429 (Why is no real title available?)
- scientific article; zbMATH DE number 3339023 (Why is no real title available?)
- scientific article; zbMATH DE number 3084669 (Why is no real title available?)
- scientific article; zbMATH DE number 3092991 (Why is no real title available?)
- A Condition for the Completeness of Partial Preference Relations
- A Subjective Spin on Roulette Wheels
- A note on mixture sets in decision theory
- A representation of partially ordered preferences
- A strict expected multi-utility theorem
- An Axiomatic Approach to Measurable Utility
- Coalitional expected multi-utility theory
- Cones and duality
- Continuity and completeness of strongly independent preorders
- Convex sets in linear spaces. III
- Existence of a utility in infinite dimensional partially ordered spaces
- Expected multi-utility representations
- Expected utility theory without the completeness axiom.
- Incomplete preferences under uncertainty: indecisiveness in beliefs versus tastes
- Indifference or indecisiveness? Choice-theoretic foundations of incomplete preferences
- Infinite dimensional analysis. A hitchhiker's guide.
- Justifiable choice
- Knightian decision theory. I.
- Multiutility representations for incomplete difference preorders
- On continuous multi-utility representations of semi-closed and closed preorders
- On the existence of expected multi-utility representations
- On the multi-utility representation of preference relations
- On the representation of incomplete preferences over risky alternatives
- Ordered Vector Spaces
- Postulates for the barycentric calculus
- Scalarization methods and expected multi-utility representations
- Subjective expected utility with incomplete preferences
- The finite topology of a linear space
- The lattice of faces of a finite dimensional cone
- The shape of incomplete preferences
- Utilitarianism with and without expected utility
- Utility Theory without the Completeness Axiom
- Utility representation of an incomplete preference relation
Cited in
(7)- Completeness and transitivity of preferences on mixture sets
- Continuity and completeness of strongly independent preorders
- Mixture sets on finite domains
- The interplay between transitivity and completeness: generalized \textsf{NaP}-preferences
- Conditional non-expected utility preferences induced by mixture of lotteries: a note on the normative invalidity of expected utility theory
- On expected utility theorems on mixture sets
- Axioms for measuring utility on partial mixture sets
This page was built for publication: Expected utility theory on mixture spaces without the completeness axiom
Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q2057258)
