Econometrica

Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens ā€¢ Print ISSN: 0012-9682 ā€¢ Online ISSN: 1468-0262

Econometrica: Jul, 2012, Volume 80, Issue 4

Incomplete Preferences Under Uncertainty: Indecisiveness in Beliefs versus Tastes

https://doi.org/10.3982/ECTA8040
p. 1791-1808

Efe A. Ok, Pietro Ortoleva, Gil Riella

We investigate the classical Anscombeā€“Aumann model of decisionā€making under uncertainty without the completeness axiom. We distinguish between the dual traits of ā€œindecisiveness in beliefsā€ and ā€œindecisiveness in tastes.ā€ The former is captured by the Knightian uncertainty model, the latter by the singleā€prior expected multiā€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.


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