Let $\succsim $ be a continuous and convex weak order on the set of lotteries defined over a set Z of outcomes. Necessary and sufficient conditions are given to guarantee the existence of a set $\mathcal{U}$ of utility functions defined on Z such that, for any lotteries p and q, <p>\[ p\succsim q...</p>

This paper describes properties of homothetic preferences on a subset X of a vector space which is star-shaped with respect to 0 (e.g., a cone). We prove that a preference relation on X is homothetic, greedy and calibrated if and only if there exists a positively homogeneous function that...

The paper considers an agent who must choose an action today under uncertainty about the consequence of any chosen action but without having in mind a complete list of all the contingencies that could influence outcomes. She conceives of some relevant (subjective) contingencies but she is aware...

A Borel probability measure is residual if it gives measure zero to all meager subsets. We first give some existence results about this class of measures. Then they are applied in order to get some non-existence results for probability measures defined on Boolean algebras. This is done on the...

Let X be a topological space, m a probability measure defined on the Baire s -field on X, and m ' a probability measure on teh Borel s -field which extends m. In the first part of the paper we deal with the relations existing between the ranges of m and m. In particular, we show cases in which...

In this paper we considera continuous subjective expected unity model with a connected space of consequences (CSEU, for brevity). This class of models has recently received attention (see Wakker (1989)). Like in Savage (1954), we consider a finitely additive probability measure on a...

A coalitional game is a real-valued set function v defined on an algebra F of subsets of a space X such that v(0)=0. We prove the existence of a one-to-one correspondence between coalitional games bounded with respect to the composition norm and countably additive measures defined on an...

Policymaking during a pandemic can be extremely challenging. As COVID-19 is a new disease and its global impacts are unprecedented, decisions need to be made in a highly uncertain, complex and rapidly changing environment. In such a context, in which human lives and the economy are at stake, we...

We propose and axiomatize a model of preferences over acts such that the decision maker evaluates acts according to the expectation (over a set of probability measures) of an increasing transformation of an act's expected utility. This expectation is calculated using a subjective probability...

We introduce a general model of static choice under uncertainty, arguably the weakest model achieving a separation of cardinal utility and a unique representation of beliefs. Most of the non-expected utility models existing in the literature are special cases of it. Such separation is motivated...