Econometrica Vol. 80 No. 4 2012

Incomplete Preferences Under Uncertainty: Indecisiveness in Beliefs versus Tastes

Efe A. Ok¹; Pietro Ortoleva²; Gil Riella^3,4

¹ New York University · ² California Institute of Technology · ³ Universidade de Brasília · ⁴ Three Rivers College

Abstract

We investigate the classical Anscombe–Aumann model of decision-making under uncertainty without the completeness axiom. We distinguish between the dual traits of “indecisiveness in beliefs” and “indecisiveness in tastes.” The former is captured by the Knightian uncertainty model, the latter by the single-prior expected multi-utility model. We characterize axiomatically the latter model. Then we show that, under independence and continuity, these two models can be jointly characterized by means of a partial completeness property.

DOI

10.3982/ecta8040

Volume

80

Issue

4

Pages

1791-1808

Language

en

Sources

bibtex:phds-export.bib openalex crossref

Cite

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