The classical von Neumann--Morgenstern's notion of lottery is generalized by replacing a probability distribution on a finite support with a belief function on the power set of the support. Given a partial preference relation on a finite set of generalized lotteries, a necessary and sufficient condition (weak rationality) is provided for its representation as a Choquet expected utility of a strictly increasing utility function.
Choquet expected utility representation of preferences on generalized lotteries
COLETTI, Giulianella;PETTURITI, DAVIDE;
2014
Abstract
The classical von Neumann--Morgenstern's notion of lottery is generalized by replacing a probability distribution on a finite support with a belief function on the power set of the support. Given a partial preference relation on a finite set of generalized lotteries, a necessary and sufficient condition (weak rationality) is provided for its representation as a Choquet expected utility of a strictly increasing utility function.File in questo prodotto:
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