Preferences Representable by a Lower Expectation: Some Characterizations

We propose two different characterizations for preference relations representable by lower (upper) expectations with the aim of removing either fair price or completeness requirements. Moreover, we give an explicit characterization for comparative degrees of belief on a finite algebra of events repr...

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Bibliographic Details
Published in:Theory and decision 2008-03, Vol.64 (2-3), p.119-146
Main Authors: Capotorti, Andrea, Coletti, Giulianella, Vantaggi, Barbara
Format: Article
Language:English
Subjects:
Algebra
Applied sciences
Behavioral/Experimental Economics
Decision making
Decision theory
Decision theory. Utility theory
Economic Theory/Quantitative Economics/Mathematical Methods
Economics
Economics and Finance
Exact sciences and technology
Expectation
Expected utility
Finance
Game Theory
Insurance
Management
Mathematical models
Operational research and scientific management
Operational research. Management science
Operations Research/Decision Theory
Preferences
Probability
Random variables
Reliability theory. Replacement problems
Risk aversion
Social and Behav. Sciences
Statistics for Business
Studies
Uncertainty
Utility functions
Utility theory
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Summary:We propose two different characterizations for preference relations representable by lower (upper) expectations with the aim of removing either fair price or completeness requirements. Moreover, we give an explicit characterization for comparative degrees of belief on a finite algebra of events representable by lower probabilities.
ISSN:0040-5833
1573-7187
DOI:10.1007/s11238-007-9052-4