Abstract
We provide an axiomatic characterization for an expected Scott–Suppes utility representation. Such a characterization is the natural analog of the von Neumann–Morgenstern expected utility theorem for semiorders and it is noted as an open problem by Fishburn (1968). Expected Scott–Suppes utility representation is analytically tractable and can be used in applications that study preferences with intransitive indifference under uncertainty. Our representation offers a decision-theoretical interpretation for epsilon equilibrium as well.
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