Expected Scott-Suppes utility representation

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Expected_Scott–Suppes_utility_representation.pdf (380.62 KB)

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2018

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Abstract

We provide an axiomatic characterization for an expected Scott-Suppes utility representation. Such a characterization is the natural analog of the von Neumann-Morgenstern expected utility theorem for semiorders and it is noted as an open problem by Fishburn (1968). Expected Scott-Suppes utility representation is analytically tractable and can be used in applications that study preferences with intransitive indifference under uncertainty. Our representation offers a decision-theoretical interpretation for epsilon equilibrium as well.

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Journal of Mathematical Psychology

Publisher

Academic Press

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Expected utility, Intransitive indifference, Scott-Suppes representation, Semiorder, Uncertainty

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http://hdl.handle.net/11693/49911

Published Version (Please cite this version)

https://doi.org/10.1016/j.jmp.2018.08.001

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Scholarly Publications - Economics

Language

English

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Article