Expected utility consistent extentions of preferences

B. Can; B. Erdamar; M. Remzi Sanver

doi:10.1007/s11238-007-9066-y

Expected utility consistent extentions of preferences

B. Can, B. Erdamar, M. Remzi Sanver^*

^*Corresponding author for this work

Microeconomics & Public Economics

Research output: Contribution to journal › Article › Academic › peer-review

Abstract

We consider the problem of extending a (complete) order over a set to its power set. The extension axioms we consider generate orderings over sets according to their expected utilities induced by some assignment of utilities over alternatives and probability distributions over sets. The model we propose gives a general and unified exposition of expected utility consistent extensions whilst it allows to emphasize various subtleties, the effects of which seem to be underestimated – particularly in the literature on strategy-proof social choice correspondences.

Original language	English
Pages (from-to)	123-144
Number of pages	22
Journal	Theory and Decision
Volume	67
Issue number	2
DOIs	https://doi.org/10.1007/s11238-007-9066-y
Publication status	Published - 1 Jan 2009

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10.1007/s11238-007-9066-y

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AB - We consider the problem of extending a (complete) order over a set to its power set. The extension axioms we consider generate orderings over sets according to their expected utilities induced by some assignment of utilities over alternatives and probability distributions over sets. The model we propose gives a general and unified exposition of expected utility consistent extensions whilst it allows to emphasize various subtleties, the effects of which seem to be underestimated – particularly in the literature on strategy-proof social choice correspondences.

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